OctaFX | OctaFX Forex Broker
Open trading account

Commodities Brief – Precious metals falter, crude surges forward toward 97.00

FXstreet.com (Barcelona) - Gold prices managed to fall below the 1600 barrier/support Thursday, as Cypriot banks reopen and renewed confidence permeates the land. With upbeat GDP data coming out of the US earlier, the mood was all the more palpable of a steadfast recovery – the USD index also crept higher. Having rescinded its hold on the aforementioned level, the price is trading at USD $1597.12 per oz. in these moments during US trading. A retest of the 1600 mark will ultimately steady the nerves of gold bears and preserve an upside trend that was holding on a weekly basis.

Silver edge lower
The white metal continued its decent today after managing to pare its losses yesterday in an ugly session for metals. Thursday has thus far proved to be a risk-on trading day, perhaps with investors already looking ahead to Good Friday. Having bottomed out at the 28.46 region earlier (intraday lows), silver is presently trading at USD $28.50 per oz. With the MACD holding negative, it looks to be more of the same during American trading today.

Crude rallies towards 97.00
Whereas precious metals have faltered, crude oil has staged a nice rally, breaking above the 96.00 barrier overnight and even making a run towards 97.00. Bolstered by positive news out of the US regarding GDP growth in Q4, WTI Crude prices are negotiating a price of USD $96.74/bbl in these moments.

US: EIA Natural Gas Storage falls for the 15th week in a row, by 95B in March-22 week

In the week ending at March 22, natural gas storage fell by 95B, according to EIA. It is the fifteenth week in a row that storage falls in the US, since December 14.
Read more Previous

Forex: EUR/JPY sideways just below 121.00

After going as low as 119.75 in mid-European morning, the EUR/JPY bounced back above the 120.00 handle and fully retraced its losses. The market has now been moving sideways between 120.70 and the 121.00 mark, with no particular direction defined yet.
Read more Next
Start livechat