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Commodities Brief – Luster wears off as precious metals collapse, crude breaks towards 94.00

FXstreet.com (Barcelona) - The yellow metal plummeted Friday, ahead of the looming G7 conference this weekend and amidst the inevitable surge of currencies against the Japanese yen yesterday. In particular the USDIX soared to new heights, further hurting commodities prospects today. Though the fall started during European trading, gold now is incurring fresh intraday lows at USD $1427.31 per oz., unable to slow its decline. With strong support at 1418, ahead of 1404, the prospects for a further decline look to be relatively contained.

Silver wedged between support
Silver prices received an unwelcome start to the weekend, which effectively were driven south along with the rest of commodities and metals Friday. An initial surrender of the 24.00 level gave way to a vast drop, which has still shown no signs of abating during US trading. In these moments, the price of silver is negotiating a spot price of USD $23.30 per oz., with support ahead at 23.25.

Crude plummets
WTI crude oil has become embattled as well during US trading, refusing to let up as the drop also has extended to crude. Presently the price of crude is now trading at USD $94.11/bbl after a failed break to the upside earlier today.

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