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Commodities Brief – Precious metals rebound, silver tests 23.70 resistance

FXstreet.com (Barcelona) - Gold prices were given a respite from the recent downtrend Friday, as news of the political gridlock in Italy fostered fresh demand for the yellow metal. Subsequently, the 1400 level and key resistance were broken and the yellow metal appears to have stabilized above this during European trading. After touching a session high of 1424, gold prices have now eased slightly back to USD $1414.69 per oz. Intraday, gold has a bullish bias, as it faces the next upside barrier/resistance at 1428. Meanwhile, a drop back below 1400 would be bearish.

Silver tests 23.70 resistance
The white metal surged higher Friday after a long needed breath of recovery, which was certainly in short supply earlier this week. Indeed, during European trading silver spot prices were seen peaking at the 23.83 level (session high) before pulling back in recent minutes to USD $23.63 per oz. A testing of the 23.70 resistance is seen as a positive signal intraday, and prolonged stability above this level will be seen as breaking out of a bearish consolidation.

Crude breaks higher
WTI crude oil extended earlier gains and was seen approaching the key resistance around the 90.00-90.50 area earlier this week– however until this area is breached, the overall bearish wave remains intact. In these moments, the price of crude is trading at USD $87.10/bbl.

EMU: Current Account surplus s.a. widens to €16.3B in February

Eurozone Current Account surplus s.a. widened to €16.3B in February, from a €13.8B surplus recorded in January, the ECB informed on Friday. Analysts expected less widening to €15.0B.
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Forex: EUR/JPY almost at 130.00 on European session

The mood is on favor of the upside as the EUR strengthens and the JPY weakens with European liquidity after Japan finance minister Aso revealing that Japan faced no opposition at G20 to its message that its monetary policy is aimed at beating deflation. The cross climbed the chart from 128.00 ground and peaked at 129.89 high, so far, where profit taking brought the price back to 128.70 (+1.22% on the day).
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