Commodities Brief – Gold escapes ‘death cross’, precious metals fall ahead of US opening

Gold prices have been unable to mount a prolonged recovery during the overnight and European trading sessions, as investors are still licking their wounds from yesterdays thrashing that took Gold below the fabled “death cross”, i.e. the plunge below its 50 and 200-day MA. At the onset of American trading today, the yellow metal has at least found some stability above its 200-day SMA, however it continues to trade negatively after a brief peak at 1574.65 earlier today. In these moments, the price of Gold has settled at USD $1568.95 per oz. as futures paint a grim picture for the US open.

Silver was one of yesterday’s biggest commodity losers falling over -3.0%, only behind Palladium. However, the white metal could not garner the needed momentum to retest the 29.00 level – a previous attempt failed when it peaked near 28.81. At the time of writing, the price of Silver is trading negatively at USD $28.57 per oz.

WTI Crude oil has edged lower Thursday, losing its grip on the 94.00 level and inching gradually towards the 93.00 mark. Yesterday’s collapse in prices has not seen a bottoming out yet, which could explain why prices are still not gaining traction. At the time of writing, crude prices have settled at USD $93.29/bbl.