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11 Jun 2013
Commodities Brief – Precious metals extend downside, face bearish headwinds
FXstreet.com (New York) - Precious metals declined across the board Tuesday, with both silver and gold trading at session lows during European trading.
Gold nears critical 1366.00 level
Gold prices have been confined within a rather narrow range since the opening of this week, whilst the four-hour graph highlights that the initial resistance-previous broken support was retested. The bearishness remains favored over an intraday basis, given that a break below 1366 will accelerate the awaited short-term bearish wave. On the upside, the 1425 region should be the ceiling for intraday traders. At the time of writing, the yellow metal has settled at USD $1368.23 per oz. Tuesday.
Silver losses could accelerate amidst bearish wave
The white metal has successfully retested the key resistance level at 22.10, where it exhibited a stark downside and weakness surrounding this region. As such, a sharp bearish wave remains since last Friday, with a loss of the 21.60 needed to ultimately confirm and accelerate the decline. At the current levels, the price of silver has now moved to USD $21.63 per oz. during European trading.
WTI crude ascension slowed
The upside wave seen last week has slowed considerably near the main resistance line, which coalesced at the 98.20 area. Moreover, the RSI 14 is presently showing bearish tendency despite stability above the value of 50.00 as crude prices gravitate above the 20 and 50-day SMA. Breaching 94.30 will bring weakness in the next sessions, while summiting the 97.00 boundary will be a very positive indication. In these moments, WTI crude oil is negotiating a price of USD $95.46/bbl.
Gold nears critical 1366.00 level
Gold prices have been confined within a rather narrow range since the opening of this week, whilst the four-hour graph highlights that the initial resistance-previous broken support was retested. The bearishness remains favored over an intraday basis, given that a break below 1366 will accelerate the awaited short-term bearish wave. On the upside, the 1425 region should be the ceiling for intraday traders. At the time of writing, the yellow metal has settled at USD $1368.23 per oz. Tuesday.
Silver losses could accelerate amidst bearish wave
The white metal has successfully retested the key resistance level at 22.10, where it exhibited a stark downside and weakness surrounding this region. As such, a sharp bearish wave remains since last Friday, with a loss of the 21.60 needed to ultimately confirm and accelerate the decline. At the current levels, the price of silver has now moved to USD $21.63 per oz. during European trading.
WTI crude ascension slowed
The upside wave seen last week has slowed considerably near the main resistance line, which coalesced at the 98.20 area. Moreover, the RSI 14 is presently showing bearish tendency despite stability above the value of 50.00 as crude prices gravitate above the 20 and 50-day SMA. Breaching 94.30 will bring weakness in the next sessions, while summiting the 97.00 boundary will be a very positive indication. In these moments, WTI crude oil is negotiating a price of USD $95.46/bbl.