Commodities Brief – gold prices rally on waning equities

Gold prices made several attempts at the 1650 level earlier today during European trading as weak GDP data across the continent breathed repeated life into the yellow metal. However, these gains were also met with volatility, as the pair touched the 1641 level twice before bouncing back in these moments to trade positively at USD $1646.41, up +$2.21 at the US open. Presently, gold operates above the 20 and 50-day SMA, though the prices seem to have stabilized and found ground at the 1641 region (session low). Conversely, Silver prices have also moved higher, trading in the region of USD $30.98, though the prices here have stalled. With US equities stumbling at the open, gold prices seem primed to recoup some of their earlier losses on the week.

Crude Oil prices on the other hand had been virtually a one-way street Thursday, trending higher since the European session and looking to recover yesterday’s losses, however the price stumbled after a failed attempt at the 97.60 level, which eased its gains towards the USD $97.36 at the onset of the US open. Proponents will look for a push up towards the 98.00 level (February 13 high).