Commodities Brief – Gold trades at 1585 support, silver falls below 28.00

FXstreet.com (Barcelona) - Gold prices have been engaged in sideways trading to start off the week, however this finally changed in recent minutes as the yellow metal fell off the 1600 handle to fall towards USD $1585.85 per oz. at the time of writing. Bottoming out at this level is below support, and investors will watch for a rebound in prices. The short-term outlook continues to look bearish, with prolonged stability below the 1590 level signaling an acute downtrend for the near future.

Silver breaks 28.00
The white metal was also dealt a critical blow Tuesday, having lost its grip on the 28.00 level as the trading week has already proven unkind to precious metals. An earlier attempt at recovery was stonewalled at 28.12, thereby leading to a gradual retreat towards session lows at 27.67 (session low) earlier today. At the onset of American trading however, silver spot prices are hugging these lows, trading at just USD $27.71 per oz. at the time of writing. Intraday, the outlook is bearish, whilst the weekly trend still looks for sideways pricing.

Crude cannot hold above 97.00 level
WTI Crude prices were off to a roaring start Tuesday, breaking above the 97.00 barrier during European trading. The onset of US trading however, has led to a paring of gains and a fall off of session highs near 97.20, back towards USD $96.50/bbl, in these moments.