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Commodities Brief – Gold capped by 1400, silver maintains tight consolidation between 22.00-23.00

FXstreet.com (Barcelona) - The price of gold is slightly lower during US trading as the yellow metal continues to trade below the key resistance/upside barrier at 1400. This crucial point has eluded any rise and capped any manner of upside intraweek, despite briefly rising above it mid-week. In these moments, the price has continued holding near USD $1389.10 per oz.

Silver in tight consolidation
The price of silver is trading tightly in a rather narrow consolidation Friday, and as of US trading it is pushing gradually lower. Sandwiched between the 22.00 support and 23.00 resistance, the price of silver is stuck today. Until a breakout in either direction, the white metal looks unlikely to leave this range, though a breach outside these parameters will lead to a larger trend in the near-term. At the time of writing, the white metal is negotiating a spot price of USD $22.48 per oz. during US trading.

WTI under pressure
WTI crude oil moved lower and retested its 50-day SMA and 93.50 horizontal support. A break below 93.50 should resend the commodity back towards 92.40 key major support. Crude prices may see renewed downside pressure from its current levels, which at the time of writing are at USD $93.18/bbl during US trading.

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