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Commodities Brief – Precious metals rally to daily highs, look to build on yesterday’s gains

FXstreet.com (Barcelona) - 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.

Silver garners momentum
The white metal has also experienced the same sort of session as its golden counterpart – indeed, the price of silver was advancing towards USD $27.53 per oz. at the time of writing, establishing fresh daily highs. Having bounced off the 27.24 level earlier today, silver now has re-entered the sideways trading zone, a break of which will now be requisite for a movement away from this consolidation. Presently the MACD indicators are positive, which should be a boon for the white metal in the near-term.

Crude moves above 93.00
WTI Crude oil has been devoid of any sweeping movements Tuesday, though it has stabilized above the 93.00 level during US trading. In these moments the price is negotiating a price of USD $93.28/bbl. Any rise will be tempered by strong resistance/50-day SMA at 94.50.

UK: NIESR GDP Estimate (3M) grows +0.1% in March

In the United Kingdom, the NIESR GDP Estimate (3M) was reported at +0.1% in March, compared with a figure of -0.1% in the previous month.
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Forex Flash: GBP/USD could test 1.5400 in near-term – RBS

The Bank of England left both the level of its asset purchases (£375bn) and the policy rate unchanged at 0.50%. This was largely expected given that the BoE is unlikely to have received sufficient new information over the past month to warrant a change of policy in April. The less dovish tone to the March minutes, some backtracking over the effectiveness of QE from some MPC members and worries over the pace of GBP’s depreciation would also seem to point to a repeat of the 6-3 vote in favor of holding policy unchanged. However, we will have to wait until the minutes are released on 17th April to see the discussion and voting pattern.
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