Commodities Brief – Gold recovers 1600 mark, silver pares losses

FXstreet.com (Barcelona) - Gold prices were looking to secure another daily loss as of European trading, however after rallying off a daily low in the 1592 region, the yellow metal surged ahead to regain the 1600 mark and even barrel higher towards USD $1607.23 per oz. at the time of writing. Having embattled Eurozone concerns earlier today, the focus now seems to have waned slightly following the retest of resistances at 1600 and 1607. A close above the 1600 mark will certainly allay a near-term outlook, which has pointed to the downside as of late.

Silver break lower
The white metal experienced a bottoming out at 28.21 earlier today at the onset of American trading Wednesday. Silver spot prices have been in flux this week, generally pointing to lower prices as the 29.00 barrier seems to be a wayward dream at this point. Following a sharp reversal in recent hours however, silver has now pared the majority of its losses to trade at USD $28.60 per oz. in these moments. Given the recent fall below the 28.30 region, a bullish scenario is in effect, which could retrace monthly losses all the way back up to 29.90.

Crude cannot hold 96.00 level
WTI Crude prices moved higher to overtake the 96.00 level, trading as high as the 96.13 level earlier today. However, crude prices failed to stabilize above this level, moving back into familiar territory at USD $95.71/bbl in these moments.