30 Jul 2013
Precious metals edge lower, crude faces bearish structure
FXstreet.com (New York) - Commodities collectively dipped Tuesday, led by WTI crude, which continues to be dominated by bearishness.
Gold bullishness still intact
Gold prices dipped to retest the support of the pennant formation before bouncing back, and thus the bullish view that encapsulated the yellow metal this week continues to be valid. Ultimately, a break above the resistance of the pennant may clear the way for further upside. At the time of writing, gold prices are trading at USD $1325.73 per oz. Tuesday.
Silver could see run lower
Silver spot prices broke below the ascending support for the upside correctional wave, followed by the 19.80 horizontal support level earlier today. However, the market might see further downside pressure over intraday basis, towards the 19.25-support level. The price of silver has now moved to USD $19.74 per oz. during US trading.
WTI crude bearishness valid
WTI crude oil dipped below 103.90 level, but also failed thus far to settle and close a four-hour candle below the level. The bearish bias remains favored and the bearish scenario remains valid. In these moments, WTI crude oil is negotiating a price of USD $103.51/bbl Tuesday.
Gold bullishness still intact
Gold prices dipped to retest the support of the pennant formation before bouncing back, and thus the bullish view that encapsulated the yellow metal this week continues to be valid. Ultimately, a break above the resistance of the pennant may clear the way for further upside. At the time of writing, gold prices are trading at USD $1325.73 per oz. Tuesday.
Silver could see run lower
Silver spot prices broke below the ascending support for the upside correctional wave, followed by the 19.80 horizontal support level earlier today. However, the market might see further downside pressure over intraday basis, towards the 19.25-support level. The price of silver has now moved to USD $19.74 per oz. during US trading.
WTI crude bearishness valid
WTI crude oil dipped below 103.90 level, but also failed thus far to settle and close a four-hour candle below the level. The bearish bias remains favored and the bearish scenario remains valid. In these moments, WTI crude oil is negotiating a price of USD $103.51/bbl Tuesday.