Commodities Brief – Precious metal rallies held by resistance, crude moves toward 88.00 level

FXstreet.com (Barcelona) - Gold prices have been held without a major recovery rally since its earlier debacle this week, instead being stonewalled by the 1400 resistance. As of European trading Wednesday, the price of gold is now trading at USD $1379.71 per oz. Gold prices moved higher in a correctional bounce yesterday, retesting the 1400.00 level. However, the excessive oversold conditions on different timeframes was the main catalyst for the move – accordingly, the market is likely to see more fluctuations and high volatility within the upcoming period.

Silver turns negative
Silver prices faced an equally challenging road, turning negative during the morning of European trading. After testing the 23.70 resistance yesterday, the white metal managed to turn lower again. Ultimately, holding below 23.70 Wednesday will keep the bearish bias in favor, though on the other hand, settling back above the level could push for a deeper correction probably towards 24.40 and 24.90 levels. At the time of writing the price of silver is negotiating a spot price of USD $23.35 per oz.

Crude edges lower towards 88.00 barrier
WTI Crude oil was rebuffed by the 89.00 level, reacting negatively towards this failed break Wednesday. During European trading, the price of crude has retreated steadfastly back towards 88.00, and in these moments is trading at just USD $88.18/bbl.