27 Jun 2013
Commodities Brief – Precious metals eye bullish rebounds
FXstreet.com (New York) - Precious metals have been unable to move higher, clinging to a narrow consolidation in negative territory throughout US trading.
Gold bullish rebound could initiate
Gold prices are attempting to resume the bearish wave, approaching 1220.00 level, where as long as 1220.00 area is intact the long-awaited bullish bounce scenario will continue to be valid. At the time of writing, gold prices are trading at USD $1228.53 per oz. Thursday.
Silver prices portend bullish scenario
Silver continues to consolidate above the 161.8 Fibonacci extension level at 18.30, ultimately setting up nicely for a bullish bounce from this area, which now seems probable. Accordingly, the bullish rebound scenario, supported by the technical factors, including the stabilization above previously held supports. At the current levels, the price of silver has now moved to USD $18.79 per oz. during US trading.
WTI could jump intraday
WTI Crude Oil is fluctuating around 95.80-96.00 area, after rebounding earlier, a continuation of yesterday’s major rebound above 96.00 should signal further upside. Overall, the bullish scenario is still favored for the rest of the day. In these moments, WTI crude oil is negotiating a price of USD $95.85/bbl Thursday.
Gold bullish rebound could initiate
Gold prices are attempting to resume the bearish wave, approaching 1220.00 level, where as long as 1220.00 area is intact the long-awaited bullish bounce scenario will continue to be valid. At the time of writing, gold prices are trading at USD $1228.53 per oz. Thursday.
Silver prices portend bullish scenario
Silver continues to consolidate above the 161.8 Fibonacci extension level at 18.30, ultimately setting up nicely for a bullish bounce from this area, which now seems probable. Accordingly, the bullish rebound scenario, supported by the technical factors, including the stabilization above previously held supports. At the current levels, the price of silver has now moved to USD $18.79 per oz. during US trading.
WTI could jump intraday
WTI Crude Oil is fluctuating around 95.80-96.00 area, after rebounding earlier, a continuation of yesterday’s major rebound above 96.00 should signal further upside. Overall, the bullish scenario is still favored for the rest of the day. In these moments, WTI crude oil is negotiating a price of USD $95.85/bbl Thursday.