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Precious metals finish higher, oil unable to follow

FXstreet.com (Barcelona) - The precious metals markets edged higher today, with gold closing up 0.50% at 1393 and silver climbing up 1.16% at 22.62. Oil was unable to follow the lead of gold and silver, closing down 0.25% at 93.65.

From a technical perspective, the metals have been consolidating in tight ranges for the last eight days and need to follow through to the upside in order to turn the short term trend back to neutral. Both gold and silver are now trading above the 9dma which is a constructive development and could help push prices up towards resistance near 1415 (previous week high) in gold and 23.13 (the 20dma) in silver. Initial support in gold sits at 1382 (the 9dma), while first support in silver is at 22.28 (previous day low).

As for oil, trading remains very range bound on the daily chart with neither side being able to generate enough momentum to achieve substantial follow through. Initial resistance sits at 94.17 (the 200dma), followed by 94.95 (the 9dma). First support sits at 93.23 (previous day low), followed by 92.20 (previous week low)

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