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4 Jul 2013
Commodities Brief – Precious metals in retreat, crude maintains 101.00
FXstreet.com (New York) - Precious metal prices retreated slightly Thursday, having been confined to a tight range and devoid of any breakouts during a rather tranquil session.
Gold neutral outlook intraday
Gold prices have traded slightly lower during US trading, albeit in a muted consolidation on accounts of the American July 4 holiday. However, the yellow metal remains within a tight range, and accordingly a neutral stance is recommended. At the time of writing, gold prices are trading at USD $1248.30 per oz. Thursday.
Silver bullish rebound likely
Silver prices retreated towards a broken flag pattern, remaining entrenched above the 19.30 support level, still allowing for a bullish rebound. At the current levels, the price of silver has now moved to USD $19.55 per oz. during US trading.
WTI crude oil bullish bias prevalent
WTI crude oil is retesting 100.70-support level, looking to long dips towards 100.50, expecting another upside attempt. However, settling back below 100.70-100.50 may invalidate the intraday bullish bias and lead to a deeper downside correction. In these moments, WTI crude oil is negotiating a price of USD $101.08/bbl Thursday.
Gold neutral outlook intraday
Gold prices have traded slightly lower during US trading, albeit in a muted consolidation on accounts of the American July 4 holiday. However, the yellow metal remains within a tight range, and accordingly a neutral stance is recommended. At the time of writing, gold prices are trading at USD $1248.30 per oz. Thursday.
Silver bullish rebound likely
Silver prices retreated towards a broken flag pattern, remaining entrenched above the 19.30 support level, still allowing for a bullish rebound. At the current levels, the price of silver has now moved to USD $19.55 per oz. during US trading.
WTI crude oil bullish bias prevalent
WTI crude oil is retesting 100.70-support level, looking to long dips towards 100.50, expecting another upside attempt. However, settling back below 100.70-100.50 may invalidate the intraday bullish bias and lead to a deeper downside correction. In these moments, WTI crude oil is negotiating a price of USD $101.08/bbl Thursday.