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Commodities Brief – Precious metals bounce during US trading, crude holds above 93.00

FXstreet.com (Barcelona) - Gold prices have been trading sideways, mitigating the fall that had roiled the precious metal during last weeks bloodletting. This week has gotten off to a different start entirely however, as losses were contained in the 1574 region, where a subsequent minor bounce has the yellow metal trading at USD $1575.42 per oz. during US trading Monday. In terms of the technicals, the RSI and MACD are illustrating a strong bullish divergence – this could lead to a modest bounce in the short-term and for this week.

Silver holds above 27.00
Silver has underperformed its yellow counterpart last week and heading into this one – indeed, the white metal suffered a far greater loss last week and continued to face strong headwinds. Having held its grip on the 27.00 level, prices have rebounded slightly off the 27.17 level to edge up to USD $27.27 per oz. in these moments. However, until silver ultimately improves its short-term performance vs. gold, neutrality must be the course of action.

Crude testing 93.00
WTI Crude oil was seen testing the 93.00 level Monday, after a staunch decline in prices last week. With a weekend to digest the US data miss, and calmer minds prevailing, crude is now trading at USD $93.14/bbl – ultimately, prolonged stability over the 93.00 level will be a positive moving forward this week.

Fundamental Afternoon Wrap: JPY tops focus this afternoon

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Forex: GBP/USD dips below 1.5300

The British pound weakened slightly on Monday and backed away from its Friday's peak of 1.5362 versus the greenback, although the setback has so far been contained by the 1.5290 area. Having lost over 50 pips from highs, GBP/USD is currently trading around 1.5300, where it is down 0.2% on the day.
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