Commodities Brief – Silver cannot breach 29.00 level, USDIX poised for weekly drop as precious metals pare losses

FXstreet.com (Barcelona) - Spot gold prices found themselves in recovery mode Friday as US inflationary measures yielded results that were in line with consensus expectations. Given that the figures fell within an acceptable range, as dictated by the Fed, it appeared as though no further action would be taken, as this is simply a natural byproduct of the monetary easing measures. The yellow metal moved up to the 1597 mark on the data release in the US, however the 1600 resistance/barrier proved too much to summit today. During American trading today, the price of gold has settled at USD $1594.36 per oz.– having received another boost from a waning USD index, which found itself in the midst of its first weekly decline in over six weeks.

Silver cannot breach 29.00 barrier
The white metal mirrored gold’s path Friday, paring losses on news of the US CPI reports earlier today. However at the US open silver could not quite pierce the 29.00 level, without which caps a movement higher. In these moments, silver spot is negotiating a price of USD $28.98 per oz. with MACD indicators holding negative.

Crude oil stabilizes above 93.00
WTI crude oil tested the 93.00 barrier Friday, before supportive measures kicked in and revitalized the commodity. Having risen in recent minutes and with steadfast US data coming in during the US session, the price of crude found itself on the rise at USD $93.36/bbl.