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Commodities Brief – Precious metals pare European gains, crude stuck at 87.00

FXstreet.com (Barcelona) - Gold prices have fallen off its highs during European trading (1424), as sharp resistance at 1425 prevented a rise further. Gains were gradually shed leading up to the onset of US trading Friday with the yellow metal presently settling at USD $1407.25 per oz. in these moments. Ultimately however, the break above 1400 level supports the intraday bullish momentum, and accordingly a positive scenario has replaced a strictly bearish outlook previously – prolonged stability above 1400 is vital for this to remain so.

Silver surrenders gains
The white metal has also eased off of its daily highs throughout the European session Friday. What looked like a promising day, i.e. the breaking of strong resistance at 23.70, has now held silver in check. Indeed, in these moments the price of silver is trading at USD $23.49 per oz. A hold above the 23.00 barrier is essential to sustain a positive intraday outlook, while a break back above the 23.70 resistance could signal a wider recovery.

Crude stuck at 87.00
WTI crude oil is gradually pushing towards the key 89.00 level, where a bearish bias is poised to grip crude. Indeed, it now appears likely that crude prices are primed for a negative near-term outlook. This is reflected in the prices today, trading at just USD $87.10/bbl.

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The Australian dollar is giving up gains at the beginning of the New York session as risk appetite ebbed and stocks turned negative in Wall Street.
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