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Commodities Brief – Precious metals hold onto Asian gains amidst modest rise

Gold prices rallied slightly at the onset of Asian trading Tuesday, despite the minor setbacks included in the price during yesterdays muted session in the US. As of European trading Tuesday, the yellow metal is gripping to a small gain on the day, as prices were fortified in the 1612 region (daily low), before rebounding slightly. At the time of writing Gold has settled at USD $1612.97, trading positively at $+4.17. With the absence of an overabundance of stimuli permeating the European – and later American – markets, prices are not expected to fluctuate greatly today.

Conversely, Silver prices have witnessed a similar up and down oscillation Tuesday, as Asian gains have now given way for a retest of the psychological 30.00 level during European trading. The white metal is presently operating in the USD $30.03, whilst recording an advance of $+0.18 as prices look to get back on track following last weeks decline past the critical 30.70 support.

Crude oil prices have been confined to a rather narrow trading region thus far Tuesday, after failing to extend yesterdays brief jumps. As such, the price has returned to a familiar region, gaining traction in the area of USD $95.38, where crude currently resides in these moments. Ultimately, the propensity for stability above the 95.00 level will go a long way in determining the short-term direction of crude prices, fundamentally speaking.

Forex: USD/CAD limited trading range, settles at 1.0110/11

The USD/CAD has been glued to a 17-pip trading range Tuesday as of morning during European trading (1.0099 session low – 1.0116 session high). As investors return from holiday, the pair seems to have failed to move based on any particular catalyst thus far. At the time of writing, the cross has notched marginal gains of +0.02%, trading at 1.0110/11.
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