Commodities Brief – Precious metals shed European gains, silver falls below 24.00 barrier

FXstreet.com (Barcelona) - The yellow metal managed to halt its ascent Thursday, having fallen off the 1474 handle earlier during European trading. Since then, the US session has witnessed a modest dip in commodity prices, including gold. In these moments, the price of gold is now trading at USD $1465.00 per oz. on the day. Ultimately, a daily closing above 1478.00 is required for a bullish scenario and uptrend, while at least a four-hour closing below 1440.00 for the bearish scenario by comparison.

Silver falls below 24.00
The price of silver has experienced a similar fate, though spot prices lowered below the key 24.00 resistance/barrier during US trading. Despite this setback however, the price remains firmly in sight of this region, suggesting a retracement or temporary pullback. A prolonged stability below this region will however signal a bearish scenario that would effectively drive the price below 23.00. At the time of writing, silver spot prices are settling at USD $23.83 per oz.

Crude holding steady
WTI Crude oil retested the intraday support near 96.15-96.20 level, a break and stability below this figure could lead to further intraday downside pressure. Currently the price of crude is now trading at USD $96.10/bbl.