Commodities Brief – Gold falls below 1400, crude targets upside at 95.00 level

FXstreet.com (Barcelona) - Gold bounced back above 1400.00 during overnight trading, while the overall short-term price behavior continues to be sideways with a slight bullish bias. However, during the European session, as price maintains the series of higher lows for the latest bullish wave that started from 1340.00, the 1400 barrier was breached. Ultimately, so long as the 1385.00 (latest low) is holding, the bullish bias will be maintained. At the time of writing, the yellow metal has settled at USD $1397.25 per oz. Wednesday.

Silver consolidation lingers
Silver maintains a muted trading pattern, barely netting a change since yesterday, whilst the price continued to hover below the 23.30 key resistance and above 22.00 key support level. A breakout after this period of low volatility is expected, which will take silver out of this trading range, keeping bullish expectations intact. At the current levels, the price of silver has now moved to USD $22.50 per oz. during European trading.

WTI retesting broken neckline
WTI crude oil rallied yesterday, to break and settle above the neckline for an inverted head and shoulders pattern, in addition to the 50-day SMA. The price is currently retesting the broken neckline, where if the pattern to complete, the next upside target would be near 95.00 level. Presently, WTI crude oil is negotiating a price of USD $93.76/bbl.