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Commodities Brief – Precious metals trading at intraday lows, crude faces headwinds

FXstreet.com (Barcelona) - Gold prices failed to confirm a bullish rebound and hold above the 1390.00 level, pushing back lower. For gold bears awaiting a confirmation of the upside reversal, it appears as though the wait will be longer than hoped for as the yellow metal waned during US trading off of the 1399 level (session high). At the time of writing, gold prices are now trading at USD $1363.60 per oz., establishing fresh intraday lows in these moments.

Silver trading slightly above lows
Silver is pushing lower, attempting to retest 22.00 support level. At this region, a bullish rebound could be possible so long as this support holds intraweek. Upcoming information and insight into the Fed stimulus program will ultimately drive major news with precious metal, despite the setbacks facing the white metal Tuesday. In these moments, silver is negotiating a spot price of USD $22.24 per oz. during US trading.

WTI edges lower
WTI crude retested the main descending resistance for the sideways range, before moving lower again. Meanwhile, the RSI is showing a bearish divergence as well, clearly seen over the four-hour interval. In these moments, crude is negotiating a price of USD $96.45/bbl Tuesday.

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