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Commodities Brief – Precious metals shed European gains, silver falls below 24.00 barrier

FXstreet.com (Barcelona) - The yellow metal managed to halt its ascent Thursday, having fallen off the 1474 handle earlier during European trading. Since then, the US session has witnessed a modest dip in commodity prices, including gold. In these moments, the price of gold is now trading at USD $1465.00 per oz. on the day. Ultimately, a daily closing above 1478.00 is required for a bullish scenario and uptrend, while at least a four-hour closing below 1440.00 for the bearish scenario by comparison.

Silver falls below 24.00
The price of silver has experienced a similar fate, though spot prices lowered below the key 24.00 resistance/barrier during US trading. Despite this setback however, the price remains firmly in sight of this region, suggesting a retracement or temporary pullback. A prolonged stability below this region will however signal a bearish scenario that would effectively drive the price below 23.00. At the time of writing, silver spot prices are settling at USD $23.83 per oz.

Crude holding steady
WTI Crude oil retested the intraday support near 96.15-96.20 level, a break and stability below this figure could lead to further intraday downside pressure. Currently the price of crude is now trading at USD $96.10/bbl.

Forex Flash: AUD/USD remain capped by tough resistance at 1.0300 – Westpac

The RBA’s rate cut was a little earlier than most expected but no great shock to the market. Strong AUD TWI seems to be increasingly important for policy, not in terms of a currency war but by allowing interest rates to fall further than they would have otherwise. According to Global FX Strategist Sean Callow at Westpac, “This limits the damage to AUD/USD while the jobs surge muddies the waters further.”
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Forex: EUR/USD testing intraday lows at 1.3099/05

The EUR/USD has certainly shifted course during US trading Thursday, descending into negative territory after a quick 30-pip drop. At this juncture, the pair is operating at session lows, quickly establishing fresh figures of this nature at the time of writing. Presently the cross is trading at 1.3099/03, fortified by the 1.3100 barrier.
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