Commodities Brief – Precious metals cling to bearish tendencies, crude at 97.00 (New York) - Precious metals waned across the board Friday, having fallen off overnight highs – however, crude prices seem to be in the drivers seat thus far today.

Gold retains mild bearish tendencies

The yellow metal has retained mild bearish tendencies, which have been witnessed during earlier sessions despite moving within a tightly observed range. It is worth noting that a break below the 1366 level will confirm and accelerate the awaited downside wave. At the time of writing, gold prices has settled at USD $1379.60 per oz. during European trading, operating at intraday lows.

Silver downside threatens to accelerate

Silver prices have continued to consolidate after re-experiencing the previous broken support – now resistance, at the 22.10 region. A breakout of this figure could instigate a renewed downside trend over the upcoming session, noting that a break below the 21.30-21.25 levels will confirm and accelerate the path lower. At the current levels, the price of silver has now moved to USD $21.73 per oz. Friday.

WTI trades at 97.00 resistance

WTI Crude oil has moved upwards touching the resistance line, which connected the movements from 98.20. The key 97.00 resistance is in focus and is being tested Friday, which could lead to a movement higher if breached. On the downside, coming below 94.30 will be a very negative indication. In these moments, WTI crude oil is negotiating a price of USD $96.96/bbl, capped by resistance.

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