28 Jun 2013
Commodities Brief – Gold unable to regain 1200.00, silver eyes 19.00 resistance
FXstreet.com (New York) - Precious metals have diverged Friday, as gold has executed a fall and is weakening, while silver has rallied higher.
Gold falls below 1200.00
The price of gold is fluctuating around the 1200.00 psychological level, which is expected to form a short-term pivot for price action, and price may start a correctional bounce from here. A previous bearish scenario was activated during the US session as the price touched 1195.00. At the time of writing, gold prices are trading at USD $1192.43 per oz. Friday.
Silver prices target 19.00 resistance
Silver prices maintained a bounce that culminated off the 18.59 level (intraday low) Friday, hovering below the daily resistance at 19.00. Ultimately, a break above 19.00 will signal an extension of the bullish correction to 19.50 area and probably higher. At the current levels, the price of silver has now moved to USD $18.83 per oz. during US trading.
WTI sending mixed signals
WTI Crude Oil retreats after testing 97.65-resistance level, as a break above this resistance could extend the rally to 99.00-level. However, it is advised to remain on the sidelines for now, awaiting further confirmation of pricing action. In these moments, WTI crude oil is negotiating a price of USD $97.32/bbl Friday.
Gold falls below 1200.00
The price of gold is fluctuating around the 1200.00 psychological level, which is expected to form a short-term pivot for price action, and price may start a correctional bounce from here. A previous bearish scenario was activated during the US session as the price touched 1195.00. At the time of writing, gold prices are trading at USD $1192.43 per oz. Friday.
Silver prices target 19.00 resistance
Silver prices maintained a bounce that culminated off the 18.59 level (intraday low) Friday, hovering below the daily resistance at 19.00. Ultimately, a break above 19.00 will signal an extension of the bullish correction to 19.50 area and probably higher. At the current levels, the price of silver has now moved to USD $18.83 per oz. during US trading.
WTI sending mixed signals
WTI Crude Oil retreats after testing 97.65-resistance level, as a break above this resistance could extend the rally to 99.00-level. However, it is advised to remain on the sidelines for now, awaiting further confirmation of pricing action. In these moments, WTI crude oil is negotiating a price of USD $97.32/bbl Friday.