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Commodities Brief – Precious metals consolidate gains ahead as US equities near 2007 highs

Gold has managed to trade unevenly during European trading, as market participants prepare for a post-sequester session in the United States. The yellow metal managed to start the trading week in positive territory, after reaching as high as 1584.65 (intraday maximum), however this proved to be the pinnacle of pricing thus far. In these moments the price of gold has settled at USD $1578.12 per oz., though MACD indicators are negative and the price is being held in check by the 20 and 50-day SMA. Renewed bond buying in the United States coupled with equities trading near 2007 highs also give reason for gold bears to pause.

Silver gains traction at 28.60
The white metal has been unable to make a run at the 29.00 level during European trading, after a previous attempt at the 28.80 region was stymied during the overnight session. At the onset of US trading, silver is operating at USD $28.64 per oz., with its 10-day EMA/initial resistance capping any potential advances for now.

Crude oil continues it’s decent
WTI Crude has continued on last weeks trend, en route to the 90.00 region. Prices managed so stabilize above the 90.00 support/psychological barrier, though renewed questions facing US growth have sparked concerns of mitigated demand. At the time of writing, crude has settled at USD $90.56/bbl Monday.

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