OctaFX | OctaFX Forex Broker
Open trading account
Back

Commodities Brief – Gold trading at session lows, crude rides bullish streak to resistance at 95.50

FXstreet.com (Barcelona) - Gold seems to be in the process of completing an inverted bearish cup with handle pattern, given its sporadic pricing as of late. The pattern certainly does not guarantee a previously likely bullish bias, as the break below the ascending support of the handle at 1380 signals a continuation of the bearish wave, as the pattern has a bearish implications. Following the release of optimistic US data and a slight rise in the USDIX, the yellow metal has fallen to intraday lows at USD $1376.36 per oz.

Silver holds the 22.00 support for now
Silver pricing has remained uneven and tenuous at best Tuesday during US trading, although the price remains above 22.00 key support. A failure to maintain the rebound after touching the recent low at 20.13 is equally concerning. At the time of writing, the white metal is negotiating a spot price of USD $22.20 per oz. during US trading, amidst heavy pressure as of late.

WTI trading at resistance
Despite a sour session for precious metals, WTI crude has indeed been the more fortunate commodity Tuesday. The price of oil moved higher, breaking the 94.40 resistance, with the sustainability target being the 95.50/potential resistance level. A short-term bullish outlook is thus easily in the cards intraweek and at the time of writing crude is trading at USD $95.54/bbl during US trading.

GBP/USD holding up against 5yr high US Consumer Confidence

Consumer Confidence came out higher than expeted 76.2 which is a 5 yr high since Feb 2008
Read more Previous

USD/JPY extends gains after US consumer confidence

The US dollar extended gains across the board and climbed to fresh daily highs versus the yen after the latest string of US data showed US consumer confidence improved more than expected in May.
Read more Next
Start livechat