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Commodities Brief – Gold holds above 1600, precious metals trade sideways ahead of Cyprus outcome

FXstreet.com (Barcelona) - The price of gold has finally managed to achieve a manner of prolonged stability above the 1600 mark, despite threatening to retreat below this barrier earlier today during European trading. However, with the state of affairs in Cyprus still in flux, the yellow metal found itself moving unevenly Tuesday in search of direction. After falling towards the 1601 region in recent minutes on upbeat US housing data, gold prices rebounded to USD $1604.50 per oz. in these moments. Given the sideways trading range today, the next upside target lies at 1610, which couples as short-term resistance, and already a capping point from yesterdays advance.

Silver held by resistance at 29.00
Silver prices were headed lower at the US open on the heels of the US housing data, however the 28.68 region proved to be a bottoming out for the white metal. Since then however, the prices have mirrored its yellow counterpart, paring the majority of its losses to settle at USD $28.85 per oz. at the time of writing. Until silver breaches the 29.00 barrier/calculated resistance, the outlook remains neutral for the white metal, as it struggles for direction during American trading.

Crude cannot hold 94.00
Crude prices edged higher Tuesday, even breaching the 94.00 level during European trading earlier today. With upbeat forecasts and the benefit of an a more settled situation in Cyprus leading up to a meeting in the Eurozone, crude prices have held onto most of its gains, trading at USD $93.82/bbl at the time of writing. Investors will look for a retest of the 94.00 barrier/resistance to signal an eventual break higher.

The euro continues to be sedated around 1.2950

Since Cyprus’s bailout the single currency has been orbiting around 1.2950, shuffling higher and lower every now and then, but at the end of the day, EUR/USD has netted its movements around that level...
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Forex: USD/CAD falls off session highs to 1.0255/58

The USD/CAD has rocketed higher in recent minutes, on the heels of upbeat housing data in the United States. Following a European session, which held the USD/CAD in a narrow consolidation, the pair has now broken through resistance, trading off session highs near 1.0255/58 in these moments, up +0.37% Tuesday.
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