Commodities Brief – Gold breaches 1400 level, silver maintains tight consolidation below 23.00 target

FXstreet.com (Barcelona) - Gold prices were in for quite a day Monday, following the sporadic pricing action via the publication of generally lackluster US manufacturing data during US trading. Spot prices jumped off the 1391 region to rupture the vaunted 1400 resistance/first upside target, establishing fresh highs in these moments at USD $1404.09 per oz. Ultimately, a push higher is now likely towards the 1420 level, onto the 1445 region.

Silver losses pared, but consolidation remains
Silver prices behaved violently during US trading Monday, plunging ahead of the US data, only to pare its losses and recover lost ground Ultimately, the same consolidation is holding, i.e. the 22.00 support to 23.00 resistance/upside target. A breakout towards the upside does seem likely, and the longer this sideways consolidation is maintained the stauncher the movement will likely be. At the time of writing, the price of silver is trading at USD $22.58 per oz.

WTI recovers lost ground
Crude prices also rallied Monday, following what was characterized as a huge bearish engulfing movement and retreat towards the 50 and 200-day SMA earlier. Presently, prices have rallied in these moments, as crude prices are trading at USD $93.23/bbl during US trading.