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Commodities Brief – Precious metals in retreat ahead of ECB rate decision

FXstreet.com (Barcelona) - Gold prices fell yesterday, after making a failed attempt at the 1478 resistance level, however the yellow metal ultimately found support at the 1448 region, as break with at least four-hour closing below 1448 is required to confirm further losses. Ahead of the highly anticipated ECB rate decision later today, the price of gold is trading off its 1458 handle, to settle at USD $1456.20 per oz. during European trading Thursday.

Silver falls off highs
Silver prices are also in retreat off of yesterday’s steadfast thrust, which took the white metal to weekly highs in excess of 24.00. However, Thursday has become a different situation altogether, with prices in negative territory after a fall off the 23.63 (session high) region. In these moments, the price of silver has settled at USD $23.57 per oz. during European trading. Technically speaking, silver retested the support of the ascending channel, and a sustained break below the 23.70 channel is needed now to confirm further downside movement, targeting the recently recorded low around 22.00 level.

WTI cannot pare losses
WTI crude oil remains static at the 91.00 level, whereby earlier rallies past 94.00 intraweek were subsequently pared yesterday. While a full-fledged recovery in prices seems unlikely in the near-term, the outlook remains bullish on crude prices, which are now trading at USD $91.08/bbl.

Forex: EUR/JPY quiet at 128.00 after Euro PMIs

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The shared currency has regained the area of 1.3165/70 on Thursday, after the better final figures from the manufacturing PMI prints in Germany and the EMU for the month of Arpil, printing...
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