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21 Jun 2013
Commodities Brief – Precious metals unable to sustain recovery, crude incurs heavy losses
FXstreet.com (Barcelona) - Precious metals have been unable to sustain any kind of recovery or upward push Friday, still highly unstable and trading largely down intraweek.
Gold situated below 1300.00 level
The yellow metal is currently hesitating around the 1300.00 level, situated below the intraday resistance at 1308.00. Overall, the bearish breakout continues to be effective, and thus maintaining a bearish view. In these moments, gold has settled at USD $1293.32 per oz. Friday.
Silver mired in bearishness
Silver is maintaining a minor upside bounce, capped below the 21.13 potential resistance level. Despite this recovery however, the price remains sporadic and unstable, leaving a bearish scenario valid so long as this level is not breached. At the current levels, the price of silver has now moved to USD $19.93 per oz. during US trading.
WTI in pullback
WTI Crude Oil has sustained a modest bullish bounce, however the price remains below the 96.00 key intraday resistance level. Holding below the 96.00 area maintains the chances of resuming the bearish bias. At the time of writing, WTI crude prices have settled in the region of USD $93.77/bbl during US trading.
Gold situated below 1300.00 level
The yellow metal is currently hesitating around the 1300.00 level, situated below the intraday resistance at 1308.00. Overall, the bearish breakout continues to be effective, and thus maintaining a bearish view. In these moments, gold has settled at USD $1293.32 per oz. Friday.
Silver mired in bearishness
Silver is maintaining a minor upside bounce, capped below the 21.13 potential resistance level. Despite this recovery however, the price remains sporadic and unstable, leaving a bearish scenario valid so long as this level is not breached. At the current levels, the price of silver has now moved to USD $19.93 per oz. during US trading.
WTI in pullback
WTI Crude Oil has sustained a modest bullish bounce, however the price remains below the 96.00 key intraday resistance level. Holding below the 96.00 area maintains the chances of resuming the bearish bias. At the time of writing, WTI crude prices have settled in the region of USD $93.77/bbl during US trading.