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Commodities Brief – Precious metals ease slightly ahead of BoE, crude oil holds above 96.00 barrier

FXstreet.com (Barcelona) - Gold prices faced intraday weakness again, following a slight weakness below the 1456 Gold prices have been spared a sweeping movement thus far Thursday, ahead of the BoE decision later today at 11:00 GMT. After recording early gains at the 1474 level, the yellow metal has retreated slightly and eased back to USD $1470.22 per oz. in these moments. Gold ultimately maintains the rebound after testing the bottom of sideways range at 1440.00 support, approaching the top of the range near 1485.00. A breakout of this range should signal the next potential short-term direction.

Silver maintains 24.00 region
The white metal has been fortified at the 24.00 barrier/resistance, though ultimately has been unable to break higher during European trading Thursday. Like its golden counterpart, silver has recently eased off highs as well to trade at USD $24.04 per oz. at the time of writing, still trading positively on the day. Silver continues to fluctuate within a narrowing sideways range, hinting the short-term neutral bias for the metal. However, that suggests a breakout soon, where low volatile environment is usually followed by major moves.

WTI holds onto 96.00 level
WTI crude oil has stabilized above the 96.00 level Thursday, thereby confirming an already solid week of gains and providing stability for a possible movement higher to the 97.00 barrier. In these moments, the price of crude has settled at USD $96.19/bbl.

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