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Commodities Brief: Silver and Gold plummet, Oil finds aggressive buyer

06/09/2013  05:38
(Barcelona) - It was a mixed session in the commodities sector, with gold closing down 1.9% to finish at 1384 and silver giving up 4.1% to close at 21.64. One the flip side, oil managed to close higher for a second day in a row, finishing up 1.62% at 96.26.

From a technical perspective, the close below 21.90 in silver is a bearish development and could help pave the way for further declines later in the week. Initial support now sits at 21.35 (low of session), while first resistance is at 21.90 (noted above). The technical picture for gold isn’t quite as bearish, but it will need to recover the previous broken support trend line near the 1400 level which is now first resistance. Initial support sits at 1377 (the low from Friday). Both short term moving averages, as well as the RSI (14) remain in bearish set up on the daily chart which could help limit advances in the coming week.

The technical set up on the oil chart is much more constructive then gold and silver. It will be important to keep an eye on the 97.00 level, which is initial resistance and the upper boundary of the large pennant pattern which has been forming on the weekly chart. A move above 97.00 may help open the doors to 98 fairly quickly. Initial support sits at 95.59 (the 20dma on 1 hour chart). Both short term moving averages, well as the RSI (14) remain in neutral set up.

It was a mixed session in the commodities sector, with gold closing down 1.9% to finish at 1384 and silver giving up 4.1% to close at 21.64. One the flip side, oil managed to close higher for a second day in a row, finishing up 1.62% at 96.26.

(Market News Provided by FXstreet)

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