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13 Mar 2013
Commodities Brief – Precious metals consolidate gains after upbeat US data, crude testing 93.00 support
Despite the release of upbeat retail sales data in the US earlier today – the widest such advance in the five months – gold was seen cascading upwards en route to the 1600 mark during American trading Wednesday. While the yellow metal failed to ultimately breach the 1600 barrier/resistance (1598.09 intraday maximum), prices are trading positively with the MACD indicator positive. In these moments the price of gold is trading at USD $1594.55 per oz. Ultimately, a break above this key level will allow for a greater expanse upwards.
Silver consolidates gains
The price of silver has managed to stabilize above the 29.00 level Wednesday, giving confidence to investors, which has seemingly been in short supply over the past month. After breaking higher during American, trading, the white metal has eased slightly, whilst holding onto the majority of its gains at USD $29.18 per oz. Trading at its 10-day EMA and with positive MACD indicators, silver could orchestrate a move higher in the near-term, pending stability above the 29.00 level.
Crude oil inches towards 93.00
WTI crude oil has been in slow retreat Wednesday after making a failed break at the 94.00 level earlier today during European trading. This move has culminated in a slide back towards the 93.00 support, which looks to hold barring some dramatic action. In these moments, the price of crude is testing the region, trading at USD $92.97/bbl during American trading.
Silver consolidates gains
The price of silver has managed to stabilize above the 29.00 level Wednesday, giving confidence to investors, which has seemingly been in short supply over the past month. After breaking higher during American, trading, the white metal has eased slightly, whilst holding onto the majority of its gains at USD $29.18 per oz. Trading at its 10-day EMA and with positive MACD indicators, silver could orchestrate a move higher in the near-term, pending stability above the 29.00 level.
Crude oil inches towards 93.00
WTI crude oil has been in slow retreat Wednesday after making a failed break at the 94.00 level earlier today during European trading. This move has culminated in a slide back towards the 93.00 support, which looks to hold barring some dramatic action. In these moments, the price of crude is testing the region, trading at USD $92.97/bbl during American trading.