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Commodities Brief – Precious metals ease off highs, crude surrenders 92.00 level

FXstreet.com (Barcelona) - Gold prices pushed higher Thursday, helped in part by reserve buying from Turkey, Russia and the International Monetary Fund. Indeed, the yellow metal shot up to the 1447 level earlier today, before easing back towards USD $1443.43 per oz. in these moments. The next upside target lies at 1459/key resistance – however, the RSI enters overbought territory, where at which point the bullish bias may to abate and leading to a resumption of the downside soon.

Silver prices static
The white metal managed to hold above the 23.00 level Thursday, which has proved to be a stumbling block as of late. Over the weekly basis, silver has clearly underperformed gold, highlighted by a lack of bottoming out price. With instability surrounding the 23.00 barrier, coupled with an inability to breach any upside marks, silver remains bearish in the near-term. Presently, the price of silver is negotiating a spot price of USD $23.21 per oz.

WTI falls off 92.00 level
WTI crude oil jumped yesterday, as the commodity rallied to reach the level just below the major resistance at 92.30, where the 200-day SMA lies. However, in light of the recent surge, the bullish bias to stop and reverse from levels around this area, culminating in a short-term correction. On the other hand, if the price manages to break this resistance area, then the rally may extend even further. Crude has fallen below the 92.00 level Thursday, and at the time of writing is now trading at USD $91.35/bbl during European trading.

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