OctaFX | OctaFX Forex Broker
Open trading account

Commodities Brief – Silver rebuffed by 23.00, crude oil entrenched at 50-day SMA

FXstreet.com (Barcelona) - 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.

Silver cannot regain 23.00
The price of silver is nestled below the 23.25 support level, and eyeing a downtrend that could take the white metal to the region of 22.00. On an intraweek timeframe, the price of silver is clearly exhibiting a bearish trend, and prolonged stability below 23.00 will only hasten a movement lower. At the time of writing, silver spot prices are negotiating USD $22.95 per oz. during US trading.

Crude testing 50-day SMA
WTI crude oil is testing its 50-day SMA, after breaking the recent consolidation and lows of 93.35 – this indicates the bias is turning bearish, however only a prolonged setback below the 50-day SMA will confirm this trend. At the time of writing, crude oil has settled at USD $93.10/bbl.

US Industrial Production (MoM) falls to -0.5% in Apr from 0.3%

Read more Previous

Forex Flash: Salmon fishing in Yemen, USD on the rise - Societe Generale

Sebastien Galy, Senior FX Strategist at Societe Generale notes that the USD is rising, while safe havens are taking a hammering as part of a second phase of the rush for yield. Further, US empire and PPI were weaker than expected (marginal USD negative).
Read more Next
Start livechat