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13 Jun 2013
Commodities Brief – Precious metals held to tight consolidation, crude faces mixed outlook
FXstreet.com (New York) - Precious metals have been devoid of any sweeping movements Thursday, with the absence of catalysts or drivers holding commodities to a narrow consolidation.
Gold held by 20 and 50-day SMA
The yellow metal has remained choppy Thursday, despite being trapped within a very tight range since the opening of this week. In particular, RSI 14 also is still stable below the value of 50.0, while both the 20 and 50-day SMAs are technical obstacles that prevent gold from achieving additional recovery following the aggressive bearishness seen a few hours before the end of last week. Ultimately, a break below 1366.00 is required to confirm the resumption of the bearish wave. At the time of writing, gold prices has settled at USD $1386.60 per oz. during European trading.
Silver downtrend still a possibility
The white metal has continued moving sideways within a narrow range today, below the initial resistance/previous broken support at 22.10-22.20. The chances for incurring downside actions over intraday basis remain realistic, supported by the coverage from moving averages and stability of RSI 14 below the value of 50.00. At the current levels, the price of silver has now moved to USD $21.79 per oz. Thursday.
WTI crude shows mixed signals
WTI crude prices have formed a long upper shadow following yesterday’s candlestick pattern. However, the momentum resistance line on its RSI 14, contradicts with stability above its 20 and 50-day SMA. In these moments, WTI crude oil is negotiating a price of USD $95.52/bbl.
Gold held by 20 and 50-day SMA
The yellow metal has remained choppy Thursday, despite being trapped within a very tight range since the opening of this week. In particular, RSI 14 also is still stable below the value of 50.0, while both the 20 and 50-day SMAs are technical obstacles that prevent gold from achieving additional recovery following the aggressive bearishness seen a few hours before the end of last week. Ultimately, a break below 1366.00 is required to confirm the resumption of the bearish wave. At the time of writing, gold prices has settled at USD $1386.60 per oz. during European trading.
Silver downtrend still a possibility
The white metal has continued moving sideways within a narrow range today, below the initial resistance/previous broken support at 22.10-22.20. The chances for incurring downside actions over intraday basis remain realistic, supported by the coverage from moving averages and stability of RSI 14 below the value of 50.00. At the current levels, the price of silver has now moved to USD $21.79 per oz. Thursday.
WTI crude shows mixed signals
WTI crude prices have formed a long upper shadow following yesterday’s candlestick pattern. However, the momentum resistance line on its RSI 14, contradicts with stability above its 20 and 50-day SMA. In these moments, WTI crude oil is negotiating a price of USD $95.52/bbl.