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Commodities Brief – Gold testing 1427 resistance, crude oil falls off 89.00 mark

FXstreet.com (Barcelona) - The yellow metal was off to a promising start Monday, peaking briefly at the 1436 level (daily maximum) at the onset of US trading. However, this proved to be the capping of an otherwise unabated uptrend today, culminating in a paring of gains down to USD $1427.13 per oz. Ultimately, a break above the 1428 resistance will open up a path towards the next upside target at 1460 handle.

Silver surrenders gains
The white metal failed to overtake the 24.00 barrier earlier today, instead rebuffed by the short-term resistance level. 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 $23.52 per oz., off session highs of 23.67.

Crude falls off highs
After testing the 88.00 level earlier today, WTI crude oil has staged a comeback, peaking above the 89.00 mark (89.13) before coming back down to earth in price. In these moments crude prices are negotiating a price of USD $88.71, falling rapidly in recent moments.

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