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9 Jul 2013
Commodities Brief – Precious metals move higher ahead of FOMC tomorrow
FXstreet.com (New York) - Precious metals moved in an uneven manner Tuesday, showing signs of tepidness ahead of the FOMC tomorrow, which is sure to create waves across commodities.
Gold looks to retest 1270?
Gold prices managed to break the short term descending resistance shown on the four-hour chart, settling back above 1236.00, which favors further upside over intraday basis and within the upcoming few sessions. Ultimately, a retest towards the 1270.00 resistance is probably, while a break above this level will confirm a more prolonged upside correction. At the time of writing, gold prices are trading at USD $1249.29 per oz. Tuesday.
Silver neutrality reigns in absence of signals
The ongoing sideways consolidation of silver within the possible triangle pattern has managed to grab price above the descending resistance, however further confirmation is needed to suggest a potential rebound. Accordingly, a neutral stance is recommended, awaiting further signs of a breakout in either direction. At the current levels, the price of silver has now moved to USD $19.22 per oz. during US trading.
WTI bullish structure intact
WTI crude oil is consolidating within a tight range above 102.10-key support level, maintaining the overall bullish structure. In these moments, WTI crude oil is negotiating a price of USD $103.30/bbl Tuesday.
Gold looks to retest 1270?
Gold prices managed to break the short term descending resistance shown on the four-hour chart, settling back above 1236.00, which favors further upside over intraday basis and within the upcoming few sessions. Ultimately, a retest towards the 1270.00 resistance is probably, while a break above this level will confirm a more prolonged upside correction. At the time of writing, gold prices are trading at USD $1249.29 per oz. Tuesday.
Silver neutrality reigns in absence of signals
The ongoing sideways consolidation of silver within the possible triangle pattern has managed to grab price above the descending resistance, however further confirmation is needed to suggest a potential rebound. Accordingly, a neutral stance is recommended, awaiting further signs of a breakout in either direction. At the current levels, the price of silver has now moved to USD $19.22 per oz. during US trading.
WTI bullish structure intact
WTI crude oil is consolidating within a tight range above 102.10-key support level, maintaining the overall bullish structure. In these moments, WTI crude oil is negotiating a price of USD $103.30/bbl Tuesday.