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Commodities Brief – Gold stuck in tight consolidation at $1454, silver rebuffed by 24.00 barrier

FXstreet.com (Barcelona) - Gold prices faced intraday weakness again, following a slight weakness below the 1456 handle. Indeed, the price has traded in an extremely tight consolidation Wednesday, devoid of any large sweeping movements. With the exception of the recent overnight news out of the antipodean economics regarding the RBA and RBNZ, the price of gold been unable to break in either direction on muted news. At the time of writing the price of gold has settled at USD $1454.27 per oz.

Silver held in check by 24.00
The price of silver has been engaged in uneven trading Wednesday, with the price fluctuating back and forth, however remaining in sight of the 24.00 level. As of European trading, the metal has turned negative, held in check by the 24.00 resistance/barrier. The recent readjustment from the ascending trend line hasn’t confirmed a break below the line, and accordingly a bearish scenario must be postponed in the absence of a large-scale decline in prices. In these moments the price of silver is trading at USD $23.85 per oz.

WTI extends weakness
WTI crude oil retreated sharply yesterday, after testing areas just below the main descending trend line, where price formed a candle with a long upper shadow, indicating 97.00 could be a key resistance. In these moments, crude prices are trading at USD $95.73/bbl.

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