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Commodities Brief – Gold climbs to session highs, crude oil testing 96.00 level

FXstreet.com (Barcelona) - The yellow metal finally broke out of a tight consolidation that had afflicted the commodity during overnight and European trading Wednesday. In a generally subdued trading session, i.e. in the absence of any meaningful waves or economic figures, the price of gold has managed to notch fresh session highs at USD $1468.80 per oz. in these moments. At this juncture the 1475 resistance remains the next measure of correction conspiring against further upside.

Silver makes failed break at 24.00
The white metal has found itself continuously held in check by the 24.00 barrier/resistance. Until this figure can be scaled and stability achieved above it, no further upside for silver can occur in the near-term. Conversely, a break lower past the 23.50 level will signal a potential for weakness down to the 22.00 level in a bearish scenario. At the time of writing, the price of silver is negotiating a spot price of USD $23.88 per oz.

Crude testing 96.00
WTI Crude oil has managed to test the 96.00 level during US trading Wednesday. The intraweek rally has certainly left bulls in a much better position, however the recent gains need to ultimately show some manner of stability. The 97.00 region/upside target remains in place as a break above this could signal a rise higher. In these moments the price of crude is trading at USD $96.06/bbl.

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