OctaFX | OctaFX Forex Broker
Open trading account
Back

Commodities Brief – Precious metals breakout, silver capped by 23.00 resistance

FXstreet.com (Barcelona) - The yellow metal surged against a waning USD during US trading Thursday, after which the recent tranche of economic data came in soft. After trading positively throughout European trading earlier, the price managed to edge higher, clearly solidifying itself above the key 1400 barrier. At the time of writing, the price of gold has risen to test intraday highs lows at USD $1414.28 per oz. The next upside target is 1445, a break of which will reiterate the bullish trend that seems to have engulfed the metal.

Silver moves higher but 23.00 barrier remains
After recording an intraday high at 22.81, silver retreated slightly during European trading, however this proved to be the start of a day-long trend that saw precious metals rallying across the board. Following the US data release, silver spot prices finally made a push towards the 23.00 resistance. However, while the white metal is trading at session highs at USD $22.96 per oz. during US trading, the 23.00 barrier has yet to be summited. Ultimately, an exposure of this mark and stability above it will herald a continued bullish rally.

WTI eyes critical support
WTI crude oil bounced after testing the critical 92.40 support and the 200-day SMA earlier today. While the price of crude managed to rise during US trading, ultimately a break below this key region shall signal a strong selloff. In these moments, crude prices are trading at USD $94.72/bbl Thursday.

US: Annual Pending Home Sales grow 10.3% in April

On an annual basis US Pending Home Sales rose 10.3% in April, down from the 7% increase the previous month, the National Association of Realtors reported on Thursday. Analysts expected more growth of 12.6%.
Read more Previous

Flash: BoJ cannot stop now – Westpac

Volatility in the previously sleepy Japanese government bond market has exploded since Bank of Japan governor Kuroda took the reins and this is by no means irrational.
Read more Next
Start livechat