Commodities Brief – Gold held above 1400, targets upside at 1420, silver frozen between key consolidation points

FXstreet.com (Barcelona) - Gold prices moved upwards again yesterday after retesting the broken descending resistance, which now doubles as support around 1390.00 the level. Ultimately a thrust above the 1420.00 level is needed to confirm a move higher towards its 50-day SMA and 1445.00 area, as an initial upside target. As such, the prospects in the short-term remain strictly bullish on the rebound. At the time of writing, the yellow metal has settled at USD $1405.73 per oz. during European trading.

Silver stuck between key levels
The white metal also experienced robust gains yesterday, however unlike its golden counterpart, it continues to trade in range-bounded consolidation below the 23.30 resistance/upside target and above 22.00 supportive bastion. A breakout of this rectangular consolidation is needed to accelerate the momentum, and indicate a directional breakout – overall, a bullish breakout seems more plausible given the present pricing. At the current levels, the price of silver has now moved to USD $22.53 per oz. Tuesday.

WTI settles back above 200-day SMA
WTI crude oil rallied yesterday, to settle back above its 200-day SMA and 92.40 level, threatening a bearish continuation scenario. Investors will continue to monitor price action around the 50-day SMA and 93.50 horizontal resistance. Presently, WTI crude oil is negotiating a price of USD $92.87/bbl.