Commodities Brief – Silver rebuffed by 23.00, crude oil entrenched at 50-day SMA
Gold prices have engaged in sideways trading during the American session Wednesday, after an earlier tumble took the yellow metal to the depths of 1408 (intraday low). Indeed, after breaking the 1445.00 support earlier this week, gold consequently headed lower recently, having approached the 1404.00-1405.00 potential support, which is nearing a correctional level for a bullish correction. Prices may bounce back higher from this support area, and this may provide another opportunity to short it. In these moments, the price of gold is trading at USD $1411.82 per oz.