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Commodities Brief – Precious metals falter, crude surges forward toward 97.00
FXstreet.com (Barcelona) - Gold prices managed to fall below the
1600 barrier/support Thursday, as Cypriot banks reopen and renewed
confidence permeates the land. With upbeat GDP data coming out of
the US earlier, the mood was all the more palpable of a steadfast
recovery - the USD index also crept higher. Having rescinded its
hold on the aforementioned level, the price is trading at USD
$1597.12 per oz. in these moments during US trading. A retest of
the 1600 mark will ultimately steady the nerves of gold bears and
preserve an upside trend that was holding on a weekly basis.
Silver edge lower
The white metal continued its decent today after managing to pare its losses yesterday in an ugly session for metals. Thursday has thus far proved to be a risk-on trading day, perhaps with investors already looking ahead to Good Friday. Having bottomed out at the 28.46 region earlier (intraday lows), silver is presently trading at USD $28.50 per oz. With the MACD holding negative, it looks to be more of the same during American trading today.
Crude rallies towards 97.00
Whereas precious metals have faltered, crude oil has staged a nice rally, breaking above the 96.00 barrier overnight and even making a run towards 97.00. Bolstered by positive news out of the US regarding GDP growth in Q4, WTI Crude prices are negotiating a price of USD $96.74/bbl in these moments.