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7 Mar 2013
Commodities Brief – Precious metals edge higher on US data, crude breaks above 91.00
Gold prices have jumped recently at the onset of European trading, after the latest indicator out of the US showed the trade balance shrinking by $-44.45B in January. The yellow metal rallied on this news to settle at USD $1582.23 per oz. Earlier today was dominated by central banks in Europe, however both offered little surprise as the BoE and ECB kept interest rates unchanged (0.5% and 0.75% respectively). Gold continues to search for direction and given its sideways movement ahead of tomorrows Nonfarm Payrolls in the US, this trend seems likely to continue.
Silver testing 29.00
Silver has managed not to lose sight of the 29.00 level Thursday, nor has it managed to sustain it. European trading led to uneven movements, however the white metal has reacted positively after the aforementioned Trade Balance in the United States. There remains room for upside, despite the flat MACD, though it’s unlikely any major push in excess of the 29.50 region will sustain itself before tomorrows payroll data in the US. In these moments the price of silver has settled at USD $28.99 per oz.
Crude breaks above 91.00
WTI crude oil has managed to surge higher at the onset of US trading, jumping above the 91.00 level towards a intraday high of 91.23. In recent moments however, the price has eased to USD $91.12/bbl, though it will be important for investors if crude can close above 91.00, after being confined towards the 90.00 region all week.
Silver testing 29.00
Silver has managed not to lose sight of the 29.00 level Thursday, nor has it managed to sustain it. European trading led to uneven movements, however the white metal has reacted positively after the aforementioned Trade Balance in the United States. There remains room for upside, despite the flat MACD, though it’s unlikely any major push in excess of the 29.50 region will sustain itself before tomorrows payroll data in the US. In these moments the price of silver has settled at USD $28.99 per oz.
Crude breaks above 91.00
WTI crude oil has managed to surge higher at the onset of US trading, jumping above the 91.00 level towards a intraday high of 91.23. In recent moments however, the price has eased to USD $91.12/bbl, though it will be important for investors if crude can close above 91.00, after being confined towards the 90.00 region all week.