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Commodities Brief – Precious metals trading near intraday highs, crude oil topples toward support/200-day SMA

FXstreet.com (Barcelona) - The price of gold finally penetrated the 1400.00 key resistance level, which is a barrier of the recent consolidation period. In addition, prolonged stability above this key level signals further upside potentially towards 1440.00-1450.00 next resistance level. At the time of writing, the yellow metal has settled at USD $1408.54 per oz. during European trading, capped recently by the 1410 upside mark.

Breakout scenario for silver still valid
Silver prices have been pushing gradually higher this during overnight and European trading, while the overall technical picture hasn’t changed, as a bullish rebound within the upcoming short period seems likely. This view is supported by different technical signals, i.e. the bullish hammer that was formed at 22.00 key support, and the bullish divergence seen on RSI. At the current levels, the price of silver has now moved higher towards USD $22.81 per oz., notching fresh session highs in these moments..

WTI withers towards 200-day SMA
WTI crude oil is pushing towards its 200-day SMA and 92.40 horizontal key support. A break below 92.40 may signal a downside breakout, initially towards 90.60 swing low. Presently, WTI crude oil is negotiating a price of USD $92.55/bbl.

Flash: FX market in corrective mode heading into month end - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the US dollar is giving back some of its recent gains heading into month end although the dollar index still remains around 2.0% higher during the month of May.
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USD/CHF choppy

USD/CHF has been a choppy play, while it has been reversing it gains in what seems now a distant memory at 0.9790.
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