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Commodities Brief – Precious metals held by key resistances, crude fortified above 88.00

FXstreet.com (Barcelona) - The yellow metal was rebuffed by the 1428 resistance Tuesday, unable to achieve prolonged stability above this key upside mark. Having failed to summit this level, the price has fallen lower, trading negatively during US trading. With a bearish engulfing now present for gold, the price has settled currently at USD $1418.26 per oz. A retest or breach of the 1428 level will ultimately cancel the bearish outlook.

Silver cannot scale 23.00
Silver has faced headwinds ever since this mornings Chinese PMI printed lackluster results. Having unsuccessfully held above the 23.70 resistance, the white metal has now surrendered its grip on the 23.00 level. During US trading, silver spot prices were negotiating a price of just USD $22.93. A close above the 23.00 level will ultimately help lend stability to the embattled metal.

Crude holds above 88.00
The movement up to the 89.00 level topped out near the 88.74 figure, subsequently driving the price of WTI crude oil lower. While a bullish correction could ultimately transpire, the immediate price action appears to be negative, with crude prices settling at USD $88.12/bbl Tuesday. A hold above the 88.00 level is requisite to avoid any bearish scenario, which could effectively drive the price below 87.00.

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