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Commodities Brief – Precious metals begin path to recovery, gold testing 1400

FXstreet.com (Barcelona) - After yesterdays shear annihilation at the hands of commodity traders, the price of gold has found itself paring this morning’s losses and turning positive for the first time in two days. While the path to recovery is far from compensatory after yesterday, the price of gold has found itself trading at USD $1392.10 during US trading Tuesday. Presently, the bounce is still facing bearish headwinds, and a testing of the 1400 resistance is unlikely to break much higher with stability, at least in the near-term.

Silver testing 23.70 resistance
The white metal also staged a modest recovery, helping recover some of the losses of yesterday’s debacle. After falling below the 23.00 level during European trading, the price of silver is now negotiating a spot price of USD $23.74 per oz. The white metal is retesting the 23.70 resistance level, which in essence triggers a bearish outlook. Holding below this level is necessary for not extending the correction further towards 24.40-24.45 area.

Crude holds above 88.00
WTI crude oil jumped Tuesday, as the commodity is strongly eliminating earlier losses amid a volatile trading session. A retest of the 89.35-89.40 resistance seems likely intra-week. In these moments the price of crude has settled at USD $88.39/bbl.

US: Industrial Production beats consensus, at 0.4% in March

Industrial production in the US rose more than expected, by 0.4% in March when analysts were pointing to 0.2% as the consensus prediction. February data was revised higher from 0.7% to 0.8%. Capacity utilization rose from 78.3% (revised from 79.6%) to 78.5% in March, beating consensus of 78.4%.
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Having moved within a tight range since yesterday, GBP/USD has edged higher into the US session.
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