Commodities Brief – Precious metals rally to daily highs, look to build on yesterday’s gains
Gold prices bottomed out at the 1571 level (intraday minimum) during European trading Tuesday, before finding its groove and moving into positive territory to trade at USD $1578.36 per oz. in these moments. This marks back-to-back days that the yellow metal has edged higher, a far cry from last week, which saw a staunch decline over a weekly basis. Momentum and trending indicators suggest a neutral outlook intraday, while prolonged stability above the 1533 will negate any possibility of a downtrend.