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Commodities Brief – Precious metals volumes soar ahead of Italian electoral outcome

Gold prices have jumped overnight during Asian trading, as volumes have given bulls something to contemplate after a dismal start to 2013. After recently falling to a 7-month low last week, the yellow metal is trading above its 20, 50, and 200-day SMA for the first time in the month of February. In recent moments, trading reached a session high of 1592.25, though at the time of writing gold has settled at USD $1590.05 per oz., up +1.04%. Ultimately, Monday will be driven by the anticipated results of the Italian electorate, which promises to capture the spotlight – polls close around 14:00 GMT.

Conversely, Silver prices have notched similar advances, clearly receptive to the fluctuations in trading volumes. The early word during European trading is positive for the white metal, as prices were trading at session highs, retesting the 29.00 level after breaching resistance (28.92), which had been holding silver in check last week. In these moments, silver is negotiating a price of USD $28.99 per oz., up +1.81% Monday. The inevitable challenge will occur during US trading, as investors will see if prolonged stability above the 29.00 level will occur.

Moving to Crude oil, prices also are on the uptick as the commodity has rebounded and retaken the 93.00 level Monday. An earlier attempt at the 93.50 level failed, though presently crude is trading positively at USD $93.36/bbl.

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