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Commodities Brief – Precious metals retreat off highs, bearishness outlooks loom

FXstreet.com (Barcelona) - Gold prices traded unevenly overnight, following soft Chinese data and the realistic scenario that a steadfast recovery in China is not as clear-cut as previously thought. Following a dip in price on Friday, the bearish bias is still favored, however a daily close below 1440.00 is needed to confirm further downside this week. As such, prolonged stability below 1440.00 will confirm the completion of a minor double top pattern, and hints the resumption of the overall bearish wave. The price of gold has fallen off the 1437 handle from earlier, to now test USD $1429.54 per oz. in these moments.

Silver weakens further as bearishness looms
At the latter stages of last week, silver found support at 23.25 level, which is a previous low and key horizontal support. The bearish scenario continues to be favored, while an overall break below the aforementioned support at 23.25 would confirm further downside, eying the recently recorded lows at 22.00 as the next main downside target. Monday has proved to be another short-term setback for the white metal, following what has been a drop off the 23.71 handle, trading presently at session lows at USD $23.57 per oz.

WTI stuck in sideways motion
WTI Crude oil remains below the key long-term descending resistance at the 98.00 region. As such, in the absence of a clear break in either direction, a neutral stance must be taken as to ascertain the directional flow of crude prices. Indeed, in these moments, crude has maintained a price of USD $95.18/bbl.

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Forex: EUR/JPY testing the 132.00 barrier

The EUR/JPY rebounded off of support and earlier lows incurred during the European session (131.57), as the majority of its losses were consequently pared Monday. However, the cross still is trading negatively and in these moments is testing the 132.00 barrier at 131.92/98, still down -0.15%.
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