Commodities Brief – Precious metals edge higher, crude in focus

FXstreet.com (New York) - Precious metal prices were inching higher during US trading, one day before the US July 4 holiday.

Gold bullishness on horizon

Gold prices have fluctuated during the European session, where the yellow metal dipped but was subsequently rejected at 1238.00 region (intraday low), and thus maintains the latest bullish wave. As such, the bullish bullish bias still remains valid. At the time of writing, gold prices are trading at USD $1253.77 per oz. Wednesday.

Silver bullish wave looks to continue

Silver pushed slightly higher Wednesday, attempting to break the resistance of a minor consolidation pattern that may suggest a continuation of the bullish wave. At the current levels, the price of silver has now moved to USD $19.67 per oz. during US trading.

WTI may see a bounce off support

WTI Crude Oil retreated after testing levels above 102.00, currently approaching the broken major high at 100.70 area, where the market may see an intraday bounce from this potential support. In these moments, WTI crude oil is negotiating a price of USD $101.35/bbl Wednesday.