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19 Jun 2013

Commodities Brief – Precious metals jump to session highs ahead of FOMC, gold at resistance

FXstreet.com (New York) - Precious metals have been uneven this week with the FOMC on tap, however as of Wednesday commodities have managed to notch some manner of gains.

Gold could escape bearish scenario above 1374

Gold prices continued to consolidate within a narrow range around the key 1365.00 support level, and as such a bearish prevalence remains so long as the price holds below the 1374.00 intraday resistance. Ultimately, the fortunes of the yellow metal could shift in the near-term on news surrounding the FOMC. At the time of writing, gold prices has settled at USD $1373.04 per oz. during US trading, operating near its intraday highs.

Silver jumps to session highs

Silver spot prices moved slightly higher during the European session, approaching the broken minor ascending support, which should turn into resistance around 21.75 -21.80 level. This will in turn push price to resume the bearish bias. The bearish scenario ultimately requires 22.10 to halt any upside rally. At the current levels, the price of silver has now moved to USD $21.77 per oz. Wednesday, having moved to daily highs.
Jun 19, 2013

GBP/USD erases daily losses

The GBP/USD managed to reverse intraday losses at the beginning of the American session as the pound shrugged off BoE minutes and attention turns to the Fed statement.
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Jun 19, 2013

Flash: Will market be risk-on or risk-off post FOMC? – UBS

Market participants have agonized over the past few sessions on how the dollar is going to react after Wednesday's Fed meeting.
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