Silver held by resistance at 29.00
Silver prices were headed lower at the US open on the heels of the US housing data, however the 28.68 region proved to be a bottoming out for the white metal. Since then however, the prices have mirrored its yellow counterpart, paring the majority of its losses to settle at USD $28.85 per oz. at the time of writing. Until silver breaches the 29.00 barrier/calculated resistance, the outlook remains neutral for the white metal, as it struggles for direction during American trading.
Crude cannot hold 94.00
Crude prices edged higher Tuesday, even breaching the 94.00 level during European trading earlier today. With upbeat forecasts and the benefit of an a more settled situation in Cyprus leading up to a meeting in the Eurozone, crude prices have held onto most of its gains, trading at USD $93.82/bbl at the time of writing. Investors will look for a retest of the 94.00 barrier/resistance to signal an eventual break higher.