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Commodities Brief – Gold prices corralled ahead of FOMC

Gold prices rallied during European trading, topping out at the 1586.75 region earlier today. However Friday is a tale of two halves, and the second half of the day has mitigated the yellow metal’s gains, dragging it below its 20, 50, and 100-day SMA (technically known as the ‘Death cross’). Yesterdays data in the United States painted a grim picture, prompting the Fed to rethink its asset purchased. With the FOMC speech on deck at 15:30 GMT, gold is now trading negatively at USD $1571.65 per oz., establishing fresh lows in these moments.

Silver was also off to a robust morning session, as a failed break at the 29.00 level was stymied, having capped near 28.91 during overnight trading. The white metal has been faced with similar peril, having dipped back towards USD $28.52 per oz. Friday.

WTI Crude oil was systematically dealt a blow in its own right, finally breaching the 93.00 barrier en route to the doldrums at the 92.48 region. However, at the onset of American trading, prices have bounced and are now operating at USD $92.84/bbl.

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After trading sidelined just above the opening price, the market pushed higher after 12:00 GMT, coming close to Asian session high of 1.5320. With its peak at 1.5316, the GBP/USD eased back below the 1.5300 mark ahead of the NY opening.
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