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16 May 2013
Commodities Brief – Precious metals inking fresh intraday lows, silver precariously close to 22.05 critical support
FXstreet.com (Barcelona) - Gold extended the downside move Thursday, to breaking the 50% Fibonacci level at 1405.00, which hastened the move towards the 61.8% around 1385.00. The price initially tried to attempt to correct some of the losses, as the RSI dipped within oversold territory, however has proven to be unsuccessful. The price of gold is trading at intraday lows, operating at USD $1371.62 per oz. in these moments. Should any bounce and retest occur towards the 1405.00 mark, this could effectively provide another short opportunity, as the downside pressure remains absolute moving forward.
Silver trading close to 22.05 lows
The white metal headed lower as well Thursday, crumbling past the 22.50 support level, and now approaching its main recent low at 22.05. The overall bias is strictly bearish, however the recent price action remains sideways, unless price breaks below this key low at 22.05, which may confirm the continuation of the overall bearish wave. At the time of writing, silver spot prices finds themselves under siege at USD $22.17 per oz.
WTI stymied by 50-day SMA
WTI crude oil was rebuffed by its 50-day SMA yesterday, now retesting the broken ascending support and 94.55 horizontal resistance. The bearish bias could resume after this correction, as settling below 94.50 favors the bearish scenario, where the market may see another push towards the 50-day SMA. In these moments, crude is negotiating a price of USD $93.40/bbl.
Silver trading close to 22.05 lows
The white metal headed lower as well Thursday, crumbling past the 22.50 support level, and now approaching its main recent low at 22.05. The overall bias is strictly bearish, however the recent price action remains sideways, unless price breaks below this key low at 22.05, which may confirm the continuation of the overall bearish wave. At the time of writing, silver spot prices finds themselves under siege at USD $22.17 per oz.
WTI stymied by 50-day SMA
WTI crude oil was rebuffed by its 50-day SMA yesterday, now retesting the broken ascending support and 94.55 horizontal resistance. The bearish bias could resume after this correction, as settling below 94.50 favors the bearish scenario, where the market may see another push towards the 50-day SMA. In these moments, crude is negotiating a price of USD $93.40/bbl.