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Commodities Brief – Precious metals bounce, gold pares losses to trade at 1389

FXstreet.com (Barcelona) - The yellow metal has bounced Wednesday after a stutter that took spot prices below the 1372 mark during European trading. However, in recent moments, gold has pared its losses to shoot back up to USD $1388.89 in these moments, ahead of US trading. Prices still remain entrenched below the 1400 resistance however. The excessive oversold conditions on different timeframes were the main catalyst for the move – accordingly, the market is likely to see more fluctuations and high volatility within the upcoming period.

Silver pares losses
The white metal plunged below the 23.00 level Wednesday as fresh bearish pressure roiled prices. Having bottomed out at the 22.86 (intraday low) level, silver spot prices have now bounced to USD $23.46 per oz. in recent moments, though is still trading negative. Thus far the metal has been unable to breach resistance at 23.70, and the metal seems to be operating between this level and the 23.00 barrier.

Crude rebuffed by 87.00 support
WTI crude oil has recovered off its lows that threatened the 87.00 barrier/support Wednesday. This move comes on the heels of a rapid decline in crude prices this week, as bearishness seems to be the near-term outlook. Recently however, crude prices have risen slightly to the USD $87.58/bbl level, though this is still a sharp loss on the day.

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