11 Jul 2013
Commodities Brief – Precious metals attempt to hold onto overnight gains
FXstreet.com (New York) - Precious metals and commodities jumped on the dovish tone radiating out of the Fed, notching sizable advances overnight, which slightly tapered off during US trading Thursday.
Gold targets 1320 on bullish wave
Gold prices rallied sharply overnight, extending the bullish correction above 1269.00-resistance and completing a double bottom pattern. The yellow metal has also reached near the next potential upside target and resistance around 1300.00, while it looks to move towards 1320.00 as a possible target for the current bullish wave. Therefore, the bullish bias remains favored in the near-term. At the time of writing, gold prices are trading at USD $1279.82 per oz. Thursday.
Silver bullish stance maintained
Silver spot prices have broken out of the triangle pattern, confirming a short-term bullish reversal and hitting levels above 20.00. A break above 20.30 now would clear the way towards the next potential target at 20.90-21.00 level. Accordingly, a bullish stance is now maintained, following what has been a strong overnight rally. At the current levels, the price of silver has now moved to USD $19.89 per oz. during US trading.
WTI crude bull trend remains intact
WTI Crude Oil extended the rally above 107.00, invalidating a previously proposed correctional scenario. The bullish move looks extremely stretched, while RSI at excessive overbought levels. Meanwhile, the bullish trend remains strong and healthy. In these moments, WTI crude oil is negotiating a price of USD $105.11/bbl Thursday.
Gold targets 1320 on bullish wave
Gold prices rallied sharply overnight, extending the bullish correction above 1269.00-resistance and completing a double bottom pattern. The yellow metal has also reached near the next potential upside target and resistance around 1300.00, while it looks to move towards 1320.00 as a possible target for the current bullish wave. Therefore, the bullish bias remains favored in the near-term. At the time of writing, gold prices are trading at USD $1279.82 per oz. Thursday.
Silver bullish stance maintained
Silver spot prices have broken out of the triangle pattern, confirming a short-term bullish reversal and hitting levels above 20.00. A break above 20.30 now would clear the way towards the next potential target at 20.90-21.00 level. Accordingly, a bullish stance is now maintained, following what has been a strong overnight rally. At the current levels, the price of silver has now moved to USD $19.89 per oz. during US trading.
WTI crude bull trend remains intact
WTI Crude Oil extended the rally above 107.00, invalidating a previously proposed correctional scenario. The bullish move looks extremely stretched, while RSI at excessive overbought levels. Meanwhile, the bullish trend remains strong and healthy. In these moments, WTI crude oil is negotiating a price of USD $105.11/bbl Thursday.