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Commodities Brief – Gold spot prices rally to 1421.00, crude testing 88.00 barrier

FXstreet.com (Barcelona) - After retesting the 1400.00 support level on Friday, gold spot prices rebounded Monday, attempting to retrace a recovery towards the 1428.00 resistance level once again. Ultimately, a break above this resistance may extend the correctional even further, probably towards the 1460.00 handle. On the other hand, the bearish continuation scenario may evolve if price breaks back below 1391.00. During European trading today, the yellow metal has settled at USD $1421.27 per oz. in these moments on increased demand.

Silver cannot break neutral consolidation
The white metal continues to consolidate below the 24.00 barrier and short-term resistance level, pushing gradually higher within an ascending triangle pattern. Intraday, a break above 24.00 would a short-term reversal probably towards 25.00 area. Overall, however prolonged stability above the 24.00 level is needed to break a neutral outlook. At the time of writing, silver is trading at USD $23.35 per oz.

Crude testing 88.00
WTI crude oil is fluctuating below the 89.00-89.35 resistance level, after breaking below its 200-days SMA. In the short-term, the bias has turned negative, while holding below 89.35 supports a bearish scenario. The price of crude has presently settled at USD $88.00/bbl Monday.

Greece Current Account (YoY): €-0.716B in Feb from €-0.222B in Jan

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