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14 May 2013

Commodities Brief – Precious metals bounce off intraday lows, crude testing 95.00

FXstreet.com (Barcelona) - The price of gold retreaded again after testing 1446.00 this morning during the overnight session, however a break below yesterday’s low at 1418.00 may trigger further sell-off. Despite the propensity of a risk-off movement engulfing the markets presently, the price of gold has dipped back down to settle at USD $1428.65 per oz., after bottoming out at the 1423 level (intraday low).

Silver supported by 23.21 level
The white metal is pushing towards the short-term support level at 23.25 (23.21 intraday minimum), a prolonged break below it shall signal further downside and probably a retest of the lows near 22.00. As such, the short-term outlook remains precariously bearish, and in these moments silver is trading at just USD $23.31 per oz. during US trading.

Crude testing 95.00
WTI crude oil is under heavy pressure again, currently testing 94.55 support level, that activated a bullish scenario. Holding above the 94.00 level is requisite for these expectations to remain intact – indeed, the price of crude is now operating at USD $94.91/bbl Tuesday.
May 14, 2013

Session Recap: Mild risk aversion supports the USD

The European session saw most pairs consolidating within its recent ranges, although risk aversion emerged after disappointing German data. Against this backdrop, commodity currencies are underperforming with USD/CAD reaching 2-week highs and AUD/USD briefly dipping below 0.9900.
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May 14, 2013

American equity markets rally Tuesday after US imports drop

The US stock market managed to open higher, despite yesterday’s downtrodden performance across equities. In the United States Tuesday, The Import Price Index (YoY and MoM) fell -2.6% in April (compared with a figure of -2.7% previously) and -0.5% in April (matching expectations of -0.5%) respectively. Conversely, the Export Price Index (MoM) contracted -0.7% in April, vs. a projection calling for -0.2%.
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