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18 Jun 2013
Commodities Brief: Precious metals still searching for direction
FXstreet.com (Barcelona) - The precious metals markets continued their sideways drift, with gold trading in a very narrow range and closing down 0.43% at 1390 while silver gave up 1.3% to finish at 21.82.
Oil continues to inch towards $100
After trading as high as 98.74 at one point in the day, oil was unable to sustain the bulk of its gains and finished up 0.07% at 97.82. The technical set up on the daily/weekly charts has continued to improve, and it will now be important for the bulls to hold onto the previous resistance trend line near 97.30 (will now act as support). First resistance sits at 98.74 (high of previous day), followed by 99.47 (the 200 dma on weekly chart).
Gold technical set up still neutral in the short term
Slobodan Drvencia, analyst at Windsor Brokers and contributor at FXstreet.com provided some of his technical analysis opinions on the gold chart, detailing a few levels to keep an eye on as we progress through the coming week. “Spot Gold trades in a directionless mode, with price moving within narrowing range that formed triangle. Neutral short-term studies keep the sideways mode, with violation of triangle support at 1378, seen as downside trigger for test of initial 1378/73 supports, while attempt through 1390, triangle resistance, would expose recent range tops at 1392/94, above which to open psychological 1400 barrier for retest and confirm bullish stance,” Drvencia concluded.
Oil continues to inch towards $100
After trading as high as 98.74 at one point in the day, oil was unable to sustain the bulk of its gains and finished up 0.07% at 97.82. The technical set up on the daily/weekly charts has continued to improve, and it will now be important for the bulls to hold onto the previous resistance trend line near 97.30 (will now act as support). First resistance sits at 98.74 (high of previous day), followed by 99.47 (the 200 dma on weekly chart).
Gold technical set up still neutral in the short term
Slobodan Drvencia, analyst at Windsor Brokers and contributor at FXstreet.com provided some of his technical analysis opinions on the gold chart, detailing a few levels to keep an eye on as we progress through the coming week. “Spot Gold trades in a directionless mode, with price moving within narrowing range that formed triangle. Neutral short-term studies keep the sideways mode, with violation of triangle support at 1378, seen as downside trigger for test of initial 1378/73 supports, while attempt through 1390, triangle resistance, would expose recent range tops at 1392/94, above which to open psychological 1400 barrier for retest and confirm bullish stance,” Drvencia concluded.