Precious metals lower after Bernanke; Oil higher

FXstreet.com (Barcelona) - Gold is currently trading at $1275 near daily and fresh weekly lows at $1269.66, printed following FED Bernanke's testimony, after it first tried to break above the $1300 handle unsuccessfully, reaching as high as $1299.7 for the August future contract.

Silver was also unable to break though key ask line at $20.15 spot, retracing last to $19.33, struggling to hold above current ascending short term trend line coming from June 28 lows at around the $18.18 level. Silver is down -35% year to date, while Gold is down -23%.

Oil in the other hand climbed again today, last at fresh session highs $106.48, slightly below yesterday's fresh 15-month highs at $106.73, adding for higher inflation in the months to come.