Commodities Brief – Precious metals fail to move on Central Banks

FXstreet.com (Barcelona) - Gold prices have been the forgotten variable in todays equation, which focused almost exclusively on currency markets. Indeed, the action surrounding the BoJ and ECB have roiled currencies, which have subsequently left the yellow metal trading in a virtual sideways consolidation. Having failed to pare any of this weeks losses, gold prices now remain in negative territory during consecutive days to trade at USD $1548.54 per oz. during US trading. Following Ben Bernanke’s remarks, gold will attempt to stabilize above the 1540 support, as a plunge below this figure could resume the downtrend, which has seemingly yet to show signs of bottoming out.

Silver makes failed attempt at 27.00
Silver prices made an attempt on the 27.00 level, briefly piercing this barrier and recording session highs of 27.01. However, this move proved to be unsustainable, leading to a movement back lower towards USD $26.78 per oz. Failure to retest the 27.00 by weeks end will only reiterate a bearish short-term stance.

Crude cannot hold above 97.00 level
WTI Crude also tasted the bitterness of central banking woes, characterized by a fall back below the 93.00 level. After threatening above the 97.00 level earlier this week, crude has certainly spanned quite a fall – in these moments prices are operating at USD $93.07/bbl Thursday.