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Commodities Brief – Gold rally capped at 1400 resistance, silver unable to mount rally higher despite bullish technicals

FXstreet.com (Barcelona) - Gold prices headed higher during early European trading, approaching 1400.00 short term key resistance, however this strength seems to have waned during US trading Thursday. One day removed from a wild session of commodities trading, the yellow metal was settling in the region of USD $1386.80 per oz. in these moments, off its highs near 1395. A break above the 1400 resistance should lead to further gains, culminating in an overall bullish scenario.

Silver maintains bullish scenario
Silver had previously touched the 22.00 support, which places it firmly in a bullish scenario that looks to break higher. However, conspiring against this movement is staunch resistance at the 23.00 level, which has repeatedly capped any upside attempts. Ultimately, holding above the 22.00 level keeps this scenario valid, and at the time of writing, the white metal is negotiating a spot price of USD $22.42 per oz. during US trading.

WTI back at lows
WTI crude extended the downside move, breaching the key 93.50 support 50-day SMA. However, prices did subsequently rebound from levels above 92.40, though are now back at this familiar region Thursday. Crude prices may see renewed downside pressure from present levels, which at the time of writing are at USD $92.43/bbl during US trading.

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