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Commodities Brief – Gold edges higher on Italian concerns, crude oil faces headwinds amidst rising stockpiles

Gold prices initially received a surge in strength Tuesday, as slightly less upbeat Chinese data and the Italian downgrade have shaped investor sentiment thus far. While slightly off its highs in the 1584 region, the yellow metal has managed to sustain the majority of its gains thus far, operating at USD $1582.50 per oz. in these moments. Afternoon action in the United States appears to fall short of a pricing catalyst, though anything short of nefarious that transpires could push the spot price higher near the vaunted 1600 resistance/uptrend barrier.

Silver falls below 29.00
The white metal has lost its grip on the 29.00 level during European trading Tuesday, having started the week in a sideways movement. Given the above-mentioned factors, the effect on silver has been far less pronounced, driving the price lower in these moments to $28.90 per oz. Silver bulls will ultimately be sidelined should the metal not retest the 29.00 level, above which lies the recent high of 29.45.

Crude finds traction despite recent drop
WTI Crude oil has edged lower Tuesday, with the 92.00 level now in the rear view mirror as of European trading. Indeed, the possible rise in crude stockpiles for an eighth straight week in the United States is certainty providing headwinds, which in essence has kept the prices far lower than anticipated, given the strong support lent from equity markets in the US. At the time of writing, crude is negotiating a price of USD $91.75/bbl, with a short-term goal of retaking 92.00

Forex: EUR/HUF in session highs after CPI

The Hungarian forint is depreciating against the single currency on Tuesday, after consumer prices in Hungary posted an annual advance of 2.8% in February, missing expectations at 3.1% and down from January’s +3.7%....
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Italy Feb Consumer Price Index (YoY) down to 1.9%; 0.2% (MoM)

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