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Commodities Brief – Precious metals pullback despite USDIX in retreat

FXstreet.com (Barcelona) - Gold prices had edged slightly higher overnight as the USD index retreated off a 7.5 month maximum Friday. As the yellow metal loses its appeal as a safe haven with the steady trickle of positive data recently, such a move certainly has to lend confidence to gold bulls. However, in recent minutes a move up to he 1594 region (session high) was stonewalled, dragging the price back to USD $1591.38 per oz. in these moments. Later today the United States is set to release some key Consumer Price Index data along with Industrial Production that will certainly shape market sentiment towards the precious metal Friday.

Silver rebuffed by 29.00 level
The continued pandering around the 29.00 level has failed to reach a conclusion Friday as silver spot prices crept higher to 28.95 overnight, only to stumble in recent minutes. The MACD indicator is currently negative, which is perhaps less than optimistic news for proponents of the white metal today, as the price now falls into negative territory at USD $28.84 per oz. during European trading.

Crude stabilizes above 93.00
WTI Crude oil edged higher Friday and regained the 93.00 level after making several attempts earlier this week. With prolonged stability above this key level holding into European trading, many investors will await a weekly close targeting the 93.00 barrier or 93.30 upside level. In these moments the price of crude trades at USD $93.07/bbl.

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