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19 Jun 2013
Commodities Brief – Precious metals sideways ahead of FOMC
FXstreet.com (New York) - Commodities trading resembled a dial-tone in recent minutes during US trading, with all eyes on Fed Chairman Ben Bernanke within the hour.
Gold trading at key resistance
Gold prices continued to tread near its intraday highs, held in check by the 1373 key upside resistance Wednesday. With the FOMC looming shortly, the price has traded sideways, with investors anxiously awaiting clues regarding the QE program in the United States. In these moments, gold has settled at USD $1373.82 per oz. Wednesday.
Silver cannot overtake key upside
The white metal has also been in a narrow consolidation throughout the morning of US trading Wednesday, clearly pausing ahead of the Fed. The 22.10 upside target remains intact, while silver spot prices have eased off of earlier highs in the 21.79 region. At the current levels, the price of silver has now moved to USD $21.71 per oz. during US trading.
WTI crude pauses ahead of FOMC
WTI Crude Oil extended its upside bias, testing the 127.1% Fibonacci extension for the latest bearish wave at 99.00. Given the high volatility that is expected during today’s FOMC policy decision, a neutral stance is recommended ahead of the meeting today. At the time of writing, WTI crude prices have settled in the region of USD $98.35/bbl during US trading.
Gold trading at key resistance
Gold prices continued to tread near its intraday highs, held in check by the 1373 key upside resistance Wednesday. With the FOMC looming shortly, the price has traded sideways, with investors anxiously awaiting clues regarding the QE program in the United States. In these moments, gold has settled at USD $1373.82 per oz. Wednesday.
Silver cannot overtake key upside
The white metal has also been in a narrow consolidation throughout the morning of US trading Wednesday, clearly pausing ahead of the Fed. The 22.10 upside target remains intact, while silver spot prices have eased off of earlier highs in the 21.79 region. At the current levels, the price of silver has now moved to USD $21.71 per oz. during US trading.
WTI crude pauses ahead of FOMC
WTI Crude Oil extended its upside bias, testing the 127.1% Fibonacci extension for the latest bearish wave at 99.00. Given the high volatility that is expected during today’s FOMC policy decision, a neutral stance is recommended ahead of the meeting today. At the time of writing, WTI crude prices have settled in the region of USD $98.35/bbl during US trading.