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20 Jun 2013
Commodities Brief – Gold breaches 1300, silver falls below 20.00 support
FXstreet.com (New York) - Precious metals were roiled yesterday following the Fed announcement and subsequent initiative that will see an end of bond-buying in the near-future.
Gold falls below 1300 level
On the day, gold prices extended an expected decline, breaching the 1339.00 horizontal support. Overall, the bearish bias is still favored, especially given the loss of the 1300.00 level earlier during European trading. At the time of writing, gold prices has settled at USD $1303.71 per oz., operating slightly above session lows at 1290.00.
Silver breaches 20.00
Silver spot remained under downside pressure, after breaking the minor ascending support for the latest consolidation period. Prices appeared to bottom out earlier, and the critical 20.00 support seems to be lending some manner of stability – still a near-term retracement seems unlikely intraday. At the current levels, the price of silver has now moved to USD $20.19 per oz. Thursday, having bounced off lows of 19.83.
WTI bearishness favored
WTI Crude Oil reversed course, after breaking the 97.65 support level, and tentatively breaking below the ascending trend line for the latest bullish wave. The bearish bias is favored today, although there is some support from areas around or slightly below 96.40, and a retest to the upside of 97.65. However, the 97.65 level should limit rallies for today. In these moments, WTI crude oil is negotiating a price of USD $96.18/bbl Thursday.
Gold falls below 1300 level
On the day, gold prices extended an expected decline, breaching the 1339.00 horizontal support. Overall, the bearish bias is still favored, especially given the loss of the 1300.00 level earlier during European trading. At the time of writing, gold prices has settled at USD $1303.71 per oz., operating slightly above session lows at 1290.00.
Silver breaches 20.00
Silver spot remained under downside pressure, after breaking the minor ascending support for the latest consolidation period. Prices appeared to bottom out earlier, and the critical 20.00 support seems to be lending some manner of stability – still a near-term retracement seems unlikely intraday. At the current levels, the price of silver has now moved to USD $20.19 per oz. Thursday, having bounced off lows of 19.83.
WTI bearishness favored
WTI Crude Oil reversed course, after breaking the 97.65 support level, and tentatively breaking below the ascending trend line for the latest bullish wave. The bearish bias is favored today, although there is some support from areas around or slightly below 96.40, and a retest to the upside of 97.65. However, the 97.65 level should limit rallies for today. In these moments, WTI crude oil is negotiating a price of USD $96.18/bbl Thursday.