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Commodities Brief – Silver surrenders 24.00 level, crude weakens below 96.00

FXstreet.com (Barcelona) - Gold pushed slightly lower yesterday, however this remains confined within the same trading range among 1440.00-1485.00. Indeed, with all the action surrounding the Japanese yen, the yellow metal has played second fiddle. In these moments, the price of gold is trading at USD $1456.84 per oz., falling into negative territory on the day after a slight retreat during the European session. A breakout of this trading range is ultimately required to speculate on the next potential direction.

Silver falls below 24.00
The white metal has weakened Friday, along with that of other commodities in an apparent move that has been exacerbated by risk appetite. Silver has fallen off the 24.00 handle and now been trading south of this region for the entirety of the European session. At the time of writing, silver spot prices are negotiating a price of USD $23.71 per oz., establishing fresh daily lows. Moving forward, a breakout of the relatively recent tight trading range should hint the upcoming short-term trend.

WTI wanes below 96.00
WTI crude oil also surrendered ground Friday, culminating in a drop below the 96.00 level during European trading. Crude is now fluctuating below the main descending trend line for the overall sideways market, potentially capped, by a key resistance area at 97.00-98.00, which previously rejected the rally and consequently pushed price lower. Presently the price of crude is now trading at USD $95.71/bbl.

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