Commodities Brief – Precious metals grind lower to intraday lows

FXstreet.com (New York) - Precious metals continued their uneven trading Tuesday, with the Fed meeting looming large over investors.

Gold bearishness to return?

Gold prices have traded lower Tuesday, thrown into a state of flux along with currency markets Tuesday. Despite the recent waning of commodities, the yellow metal remains buoyed above the critical 1366 support level, a break of which will signal a drop lower and a return of bearishness. At the time of writing, gold prices has settled at USD $1374.24 per oz. during European trading, operating near its intraday lows.

Silver spot prices in retreat

Silver spot prices also were dealt another blow, following what was a failed break above the 22.00 level yesterday. This key upside target/resistance (previous support) has continuously alluded the white metal, and only prolonged stability above this would help lend strength towards silver. At the current levels, the price of silver has now moved to USD $21.74 per oz. Tuesday, having started the week off on the wrong foot.

WTI turns south

WTI crude oil has broken the descending resistance, only to retest the 98.65 key horizontal resistance level, where it was rejected. A break above 98.65 is required to confirm further upside towards 100.00 and 100.70 major highs. On the other hand, a break below 97.35 intraday support signals a bearish intraday move towards 96.50. In these moments, WTI crude oil is negotiating a price of USD $97.56/bbl Tuesday.