Commodities Brief – Precious metals maintain tight consolidation ahead of Friday US payrolls

FXstreet.com (Barcelona) - Commodity prices have been unable to breakout in either direction, generally muted in their movements with the onset of Friday payroll data in the US.

Gold clings to 1400 barrier
Gold prices moved higher, approaching the top of the triangle pattern, a break above the pattern may signal a continuation of the bullish correctional wave towards 1445.00-1450.00 level. Ultimately, prolonged stability above the resistance of the triangle will suggest a bullish move, however at the time of writing this has been mired at best. Presently, gold is trading at USD $1401.07 per oz. in these moments, retreating off its European highs Thursday.

Silver trades tight ahead of Friday payrolls
Silver moved slightly higher during the European session, however spot prices ultimately maintained a tight trading range, i.e. operating between the 22.00 support and 23.20 resistance. At the time of writing, the price of silver is trading at USD $22.46 per oz.

WTI retests resistance
WTI crude oil retested the 94.40-resistance level, where the bullish scenario continues to be favored, so long as the neckline for the inverted head and shoulders pattern around 93.40 is intact. Presently, prices have rallied in these moments, as crude prices are trading at USD $94.53/bbl during US trading.

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