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15 Jul 2013
Commodities Brief – Precious metals unable to retest previous highs
FXstreet.com (New York) - Commodity prices traded in an uneven consolidation Monday, ultimately failing to retest last weeks highs, though unable to pare a majority of those gains either.
Gold limited upside remains intraweek
Gold completed a minor double bottom over the daily time interval, after breaking 1269.00 resistance level and neckline of the pattern. This in turn pushed price towards the next key resistance around 1300.00, which could push even higher towards 1321.00. However, the near-term bearish bias will not change unless price break back above 1340.00 (50-day SMA) – accordingly, limited upside is seen this week. At the time of writing, gold prices are trading at USD $1283.36 per oz. Monday.
Silver neutral bias remains
Silver remains within a bearish trend, attempting to break the previous high at 20.13, which if broken may extend the bullish correction slightly higher. The first target of this uptrend would be the 50-day SMA, however, at the current levels, the bias remains neutral. At the current levels, the price of silver has now moved to USD $19.85 per oz. during US trading.
WTI crude targets upside
WTI crude oil rebounded after completing the downside correction at 104.25 level – meanwhile, the price has completed a breakout above a main long term weekly resistance. Accordingly, the bias continues to be bullish, targeting 108.65 and 110.00 key levels. In these moments, WTI crude oil is negotiating a price of USD $105.38/bbl Monday.
Gold limited upside remains intraweek
Gold completed a minor double bottom over the daily time interval, after breaking 1269.00 resistance level and neckline of the pattern. This in turn pushed price towards the next key resistance around 1300.00, which could push even higher towards 1321.00. However, the near-term bearish bias will not change unless price break back above 1340.00 (50-day SMA) – accordingly, limited upside is seen this week. At the time of writing, gold prices are trading at USD $1283.36 per oz. Monday.
Silver neutral bias remains
Silver remains within a bearish trend, attempting to break the previous high at 20.13, which if broken may extend the bullish correction slightly higher. The first target of this uptrend would be the 50-day SMA, however, at the current levels, the bias remains neutral. At the current levels, the price of silver has now moved to USD $19.85 per oz. during US trading.
WTI crude targets upside
WTI crude oil rebounded after completing the downside correction at 104.25 level – meanwhile, the price has completed a breakout above a main long term weekly resistance. Accordingly, the bias continues to be bullish, targeting 108.65 and 110.00 key levels. In these moments, WTI crude oil is negotiating a price of USD $105.38/bbl Monday.