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24 Apr 2013
Commodities Brief – Precious metals build on European gains, crude oil threatens 90.00 barrier
FXstreet.com (Barcelona) - The yellow metal has rallied off the 1422 level Wednesday, building on an earlier advance and taking gold to session highs at the 1432 mark. However during US trading, the price of gold has eased slightly in these minutes to trade at resistance at USD $1428.30 per oz. Gold maintains the structure of the bullish correctional wave, as price rebounded and attempting to settle above 1428.00 resistance, invalidating a previous bearish outlook. Patience in the retest of the 1428 level could lend credence to a rise higher.
Silver moves into positive territory
Silver retook the 23.00 barrier, at the very least bringing it back into positive territory on the day. Recently, a recovery took place that brought spot prices to 23.18, before an eventual easing transpired during US trading Wednesday. At the time of writing, the white metal faces substantial headwinds and is operating at USD $23.5 per oz.
Crude in range of 90.00
WTI Crude Oil received a welcome boost earlier from concerns emanating from OPEC, which hinted at an output cut if prices fall more, although data from the world`s largest economies suggesting slower growth and fuel demand hindered a choppy rally in the past two days. During US trading, crude oil is trading at USD $89.88/bbl during, threatening to scale the 90.00 mark.
Silver moves into positive territory
Silver retook the 23.00 barrier, at the very least bringing it back into positive territory on the day. Recently, a recovery took place that brought spot prices to 23.18, before an eventual easing transpired during US trading Wednesday. At the time of writing, the white metal faces substantial headwinds and is operating at USD $23.5 per oz.
Crude in range of 90.00
WTI Crude Oil received a welcome boost earlier from concerns emanating from OPEC, which hinted at an output cut if prices fall more, although data from the world`s largest economies suggesting slower growth and fuel demand hindered a choppy rally in the past two days. During US trading, crude oil is trading at USD $89.88/bbl during, threatening to scale the 90.00 mark.