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16 Jul 2013
Commodities Brief – Gold unable to overtake 1300, crude moves higher
FXstreet.com (New York) - Commodity prices edged slightly higher, once again led by crude – precious metals remain situated below key resistance prices that could lead to higher movements.
Gold points higher
Gold prices were pushing higher Tuesday, attempting to break the resistance of the minor consolidation pennant pattern, whilst suggesting further gains in the near-term. The projected trajectory of such movements could rise towards the key resistance at 1302.00, followed by 1321.00. At the time of writing, gold prices are trading at USD $1292.65 per oz. Tuesday.
Silver could enter bullish correction
Silver priced rebounded during US trading, approaching the descending resistance for the recent minor consolidation – a break above the resistance at the 20.30 key level will confirm a more prolonged bullish correction. At the current levels, the price of silver has now moved to USD $19.97 per oz. during US trading.
WTI crude targets upside
WTI crude oil is trading around the key intraday resistance at 106.50, managing to settle above this level will signal a move for the recent high at 107.40. However, it is preferred to remain on the sidelines as to await a better entry point. In these moments, WTI crude oil is negotiating a price of USD $106.56/bbl Tuesday.
Gold points higher
Gold prices were pushing higher Tuesday, attempting to break the resistance of the minor consolidation pennant pattern, whilst suggesting further gains in the near-term. The projected trajectory of such movements could rise towards the key resistance at 1302.00, followed by 1321.00. At the time of writing, gold prices are trading at USD $1292.65 per oz. Tuesday.
Silver could enter bullish correction
Silver priced rebounded during US trading, approaching the descending resistance for the recent minor consolidation – a break above the resistance at the 20.30 key level will confirm a more prolonged bullish correction. At the current levels, the price of silver has now moved to USD $19.97 per oz. during US trading.
WTI crude targets upside
WTI crude oil is trading around the key intraday resistance at 106.50, managing to settle above this level will signal a move for the recent high at 107.40. However, it is preferred to remain on the sidelines as to await a better entry point. In these moments, WTI crude oil is negotiating a price of USD $106.56/bbl Tuesday.