Commodities Brief – Silver tests 23.00 level, crude oil moves towards 90.00 on OPEC concerns

FXstreet.com (Barcelona) - The price of gold mounted an early advance during European trading, however the USD firmness, and equity strength continued to cap any movement higher. Indeed, the yellow metal has surrendered some of its gains in recent minutes after peaking at the 1430 level. In these moments the price of gold is trading at USD $1423.70 per oz. Gold maintains the structure of the bullish correctional wave, as price rebounded and attempting to settle above 1428.00 resistance, invalidating a previous bearish outlook. Patience in the retest of the 1428 level could lend credence to a rise higher.

Silver testing 23.00 level
The silver downtrend appears to have not yet been realized, as spot prices bottomed out at 22.60 yesterday. Though the white metal jumped out of the gates early Wednesday towards 23.32 (session high), prices have since eased, leading to a retest of the USD $23.00 level at the time of writing during European trading.

WTI holding above 89.00
WTI Crude Oil steadied above $89.00 a barrel Wednesday, bolstered by concerns that the OPEC may announce an output cut if prices fall more, although data from the world`s largest economies suggesting slower growth and fuel demand hindered a choppy rally in the past two days. Having peaked just below the 90.00 level earlier today, the price of crude is now trading at USD $89.67/bbl during European trading.