May 20, 2013
Commodities Brief – Precious metals rebound off Asian lows, crude downside imminent below 96.70 resistance
The yellow metal is moving downwards for the eighth trading day, which initially approached support at the 1321.00 region. However, in being capped by the 20 and 50-day SMA and in addition to negative candlestick formation, further weakness seems likely on the horizon for gold prices. Ultimately, a potential break below the 1321.00 region could bring aggressive downside actions and sweeping movements, though the MACD solidifies the technical anticipations of resuming the downtrend by drawing a negative crossover presently. At the time of writing, the price of gold is now trading at USD $1354.43 per oz. Monday.
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