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Commodities Brief – Precious metals cautious ahead of FOMC, silver testing 28.00 level

FXstreet.com (Barcelona) - Gold prices were trading with caution Wednesday, ahead of the FOMC minutes later today, as investors await any clues and direction regarding the US bond buying program. Having built on a recent recovery, the yellow metal was off to another positive day, peaking at the 1588 level, though in recent moments these gains were pared and the price of gold now stands at USD $1584.36 per oz. Ultimately, a breakout in either direction will be postponed until the FOMC, which would explain the relatively narrow consolidation thus far.

Silver testing 28.00
The white metal was rebuffed by the 28.00 level, failing to stabilize above it Wednesday (28.01 daily high). As is the case with its yellow counterpart, silver will await the FOMC minutes later today, though a targeting of the 28.00 level has to be seen as a positive after recent losses. Moreover, the MACD is positive, en route to a spot price of USD $27.92 per oz.

Crude moves above 94.00
WTI Crude oil grew on Chinese exports, and the results were indicative of a rise above the 94.00 level Wednesday. While prices are well off last weeks highs, the price of crude now is trading at 94.07/bbl, looking to target its 50-day SMA near 94.50.

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