Commodities Brief – Gold edges higher to test 1385, crude records lows of 86.00

FXstreet.com (Barcelona) - Gold prices have faced tremendous headwinds lately, hampered by demand, panicking selling, and fierce bearish pressure this week. Following an otherwise earlier ugly weekly segment for commodity trading, the yesterdays session in conjunction with today seems to have steadied the nerves of investors – though the largest plunge in 30 years clearly weighs fresh on investors’ psyches. Thursday has seen a modest recovery for the yellow metal, as prices have now risen to trade at USD $1385.05 per oz. in these moments. However, despite the initial path upwards, gold faces tremendous bearish pressure in the near-term and strong resistance at the 1400 level.

Silver cannot hold 23.00 barrier
The white metal has flirted with the 23.00 barrier over the past two days, oscillating between the 22.90 – 23.70 range. Though spot prices have thus far been unable to break in either excess of this spectrum, it is certainly disconcerting for proponents of silver that prices have not yet stabilized. As of European trading Thursday, the price is silver has settled at USD $23.22 per oz.

Crude records fresh lows at 86.00
WTI crude oil resumed the bearish direction after a pullback towards 89.00 level, recording new lows below 86.00 level. However a clear bullish divergence is seen on RSI over the four-hour interval. At the time of writing, crude prices are trading at USD $86.87/bbl Thursday.