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13 May 2013
Commodities Brief – Precious metals contract after US retail sales, crude loses grip on 95.00 level
FXstreet.com (Barcelona) - Gold prices have oscillated back and forth Monday, seemingly stuck in a relatively narrow consolidation after ranging between 1428 – 1437 since the overnight session. However, after generally upbeat US data, the price of gold has dipped back down to settle at USD $1429.97 per oz. A close below 1440 will look to extend the bearish trend that seems to be gripping the yellow metal, despite the sideways oscillation.
Silver supported by 23.25 level
The white metal has fallen off the 23.77 handle Monday, contracting sharply in recent minutes during US trading. Recent losses were subsequently exacerbated, culminating in a drop down to USD $23.60 per oz. Despite this waning, the price remains technically supported as long as silver does not dip below 23.25 intraday.
Crude falls past 95.00
WTI crude oil turned southward along with its precious metal counterparts Monday. During US trading, crude finally broke out of its narrow trading range, losing its grip on the 95.00 level and falling towards the USD $94.87/bbl region in these moments.
Silver supported by 23.25 level
The white metal has fallen off the 23.77 handle Monday, contracting sharply in recent minutes during US trading. Recent losses were subsequently exacerbated, culminating in a drop down to USD $23.60 per oz. Despite this waning, the price remains technically supported as long as silver does not dip below 23.25 intraday.
Crude falls past 95.00
WTI crude oil turned southward along with its precious metal counterparts Monday. During US trading, crude finally broke out of its narrow trading range, losing its grip on the 95.00 level and falling towards the USD $94.87/bbl region in these moments.