29 Jul 2013
Gold held by resistance, crude faces bearish outlook
FXstreet.com (New York) - Commodities have been well insulated by an early-week lull thus far, which figures to pick up rapidly this week as the market counts down to Nonfarm payrolls on Friday.
Gold held by resistance
Gold prices bounced higher towards 1338.00 resistance level and first upside target, currently testing the resistance of the minor pennant formation as shown on the four-hour chart, where a break above this resistance would confirm further upside towards 1365.00 level. At the time of writing, gold prices are trading at USD $1330.50 per oz. Monday.
Silver maintains neutral outlook
Silver spot prices are again under pressure, pushing lower and attempting to break below the ascending support for the bullish correction wave, meanwhile settled below 20.00-support level again. Accordingly, the outlook turns neutral on silver, awaiting a clear break below the ascending support to confirm further downside. The price of silver has now moved to USD $19.88 per oz. during US trading.
WTI hurt by bearish structure
WTI crude oil bounced higher during the European session, however the bounce remains hampered by a bearish wave, situated below the descending resistance of this wave. Only prolonged stability back above the 105.70 level may damage the bearish structure. In these moments, WTI crude oil is negotiating a price of USD $104.36/bbl Monday.
Gold held by resistance
Gold prices bounced higher towards 1338.00 resistance level and first upside target, currently testing the resistance of the minor pennant formation as shown on the four-hour chart, where a break above this resistance would confirm further upside towards 1365.00 level. At the time of writing, gold prices are trading at USD $1330.50 per oz. Monday.
Silver maintains neutral outlook
Silver spot prices are again under pressure, pushing lower and attempting to break below the ascending support for the bullish correction wave, meanwhile settled below 20.00-support level again. Accordingly, the outlook turns neutral on silver, awaiting a clear break below the ascending support to confirm further downside. The price of silver has now moved to USD $19.88 per oz. during US trading.
WTI hurt by bearish structure
WTI crude oil bounced higher during the European session, however the bounce remains hampered by a bearish wave, situated below the descending resistance of this wave. Only prolonged stability back above the 105.70 level may damage the bearish structure. In these moments, WTI crude oil is negotiating a price of USD $104.36/bbl Monday.