8 Jul 2013
Commodities Brief – Precious metals recover Monday, crude eyes move higher
FXstreet.com (New York) - Precious metals started off the week higher Monday, recouping some of Fridays losses that sent most commodities lower.
Gold bullishness on horizon
After hitting a significant low of 1180.00, the yellow metal has showed some kind of consolidation during the previous week, despite the fact it closed negatively on Friday near the aforementioned low. The clear bearish trend that started at 1796.00 is still in progress, while bears are protected by the coverage from SMA-20 and SMA-50. In the interim, the stochastic remains negative despite approaching oversold regions; whilst the vortex indicator continues to reflect the strength of the downtrend. At the time of writing, gold prices are trading at USD $1236.05 per oz. Monday.
Silver losses could extend far lower
Moving averages for silver prices continued to cover bears after achieving a confirmed crossover in the last week of March 2012. A further and prolonged depreciation over the upcoming sessions principally targeting 18.15 followed by 17.10 seems in the cards. As such, silver may enter a free-fall zone with a break below 14.50. At the current levels, the price of silver has now moved to USD $19.19 per oz. during US trading.
WTI crude needs to break above 104.30 to confirm bullishness
WTI crude prices have put in a long white candlestick pattern during the previous week after finding a good support above the SMA-20 and SMA-50. Moreover, the MACD traditional and RSI 14 could assist bulls to breach the main resistance line connecting the lower highs started at 114.80 however, the 104.30 level must be taken out to confirm those bullish signs. In these moments, WTI crude oil is negotiating a price of USD $102.15/bbl Monday.
Gold bullishness on horizon
After hitting a significant low of 1180.00, the yellow metal has showed some kind of consolidation during the previous week, despite the fact it closed negatively on Friday near the aforementioned low. The clear bearish trend that started at 1796.00 is still in progress, while bears are protected by the coverage from SMA-20 and SMA-50. In the interim, the stochastic remains negative despite approaching oversold regions; whilst the vortex indicator continues to reflect the strength of the downtrend. At the time of writing, gold prices are trading at USD $1236.05 per oz. Monday.
Silver losses could extend far lower
Moving averages for silver prices continued to cover bears after achieving a confirmed crossover in the last week of March 2012. A further and prolonged depreciation over the upcoming sessions principally targeting 18.15 followed by 17.10 seems in the cards. As such, silver may enter a free-fall zone with a break below 14.50. At the current levels, the price of silver has now moved to USD $19.19 per oz. during US trading.
WTI crude needs to break above 104.30 to confirm bullishness
WTI crude prices have put in a long white candlestick pattern during the previous week after finding a good support above the SMA-20 and SMA-50. Moreover, the MACD traditional and RSI 14 could assist bulls to breach the main resistance line connecting the lower highs started at 114.80 however, the 104.30 level must be taken out to confirm those bullish signs. In these moments, WTI crude oil is negotiating a price of USD $102.15/bbl Monday.