FXstreet.com (Barcelona) - Gold prices surged earlier today during the overnight session and during European trading as investors braced for the results of the Italian electoral outcome. With news of a Bersani-led coalition set to take power the yellow metal waned slightly as it fell off its session high of 1594.05, losing strength in recent minutes to trade in familiar territory at USD $1586.45 per oz. At this juncture, gold is being stabilized by its 200-day SMA, which figures to hold the price (1600 is a psychological barrier after earlier attempts failed to overtake the region today). In these moments, the price of gold is still in positive territory, up +0.93%.

Silver has played to the same tune Monday, as the price broke above the 29.00 barrier during European trading, peaking briefly at the 29.22 level. At the onset of European trading and following the Italian results, the white metal has pared its gains, falling back below the 29.00 mark. At the time of writing, Silver is trading at USD $28.92 per oz., which marks a +1.72% advance today. Market investors will see if the prices can retake the 29.00 before close, which has to signal confidence after the pullback last week.

WTI Crude oil was given a breath of hope earlier as prices overtook the 94.00 barrier, en route to a maximum of 94.18. However, Italian results have stymied the advance, causing a pullback towards USD $93.58/bbl, currently where crude is operating Monday.