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Commodities Brief – Precious metals edging higher after yesterdays shakeup, crude moves towards 92.82 support

FXstreet.com (Barcelona) - Gold prices were in for quite an afternoon yesterday, with the Bernanke testimony creating waves in commodity markets. While the yellow metal breached the 1400 level – albeit temporarily – the price eventually eased back lower, paring all of its gains by sessions end. Thursday, gold prices dipped towards the initial support at 1360.00, however ultimately failed to break it to rebound again, completing a double bottom over the hourly time interval. The next upside target lies at the 1400.00 resistance/barrier, on a break above 1400.00, a movement seems plausible towards the 1445.00 handle. In these moments, the price of gold is trading at USD $1390.78 per oz.

Silver moves off key support
Silver eventually ended up coming out with little to show for the initial rally in prices yesterday, with the white metal ending negatively on the day. Silver has moved back lower Thursday, testing the key 22.00 support once again, however so long as this key support is holding, the bullish rebound remains possible, and accordingly, there remains scope for a bullish reversal expectation. Presently, spot prices for silver are trading at USD $22.54 per oz.

WTI faces support at 92.82
After breaking the critical 95.50 support level, WTI crude oil extended the bearish wave to break the ascending trend line, currently testing the key 50-day SMA and 93.50 horizontal support. However, a break below this level might exacerbate the move towards the next potential support at 92.40. In these moments, WTI crude oil is negotiating a price of USD $92.82/bbl.

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