Commodities Brief – Precious metals in flux as potential Cypriot bailout eyed, silver recovery stalls at 28.80

FXstreet.com (Barcelona) - The yellow metal was dealt a minor setback earlier as events in Cyprus and an overall optimism towards a bailout for the beleaguered country reached new heights Friday. With the ECB and others carefully watching in the next few hours for any developments, gold prices fell to the 1605 level, which proved to be the bottoming out region today. Prices have subsequently inched higher after the US open to trade presently at USD $1608.40 per oz. A weekly close at the 1610 level would reiterate confidence and signal another weekly close in the positive after last week.

Silver rally shattered
Silver spot prices were roiled oiler, culminating in a drop below the 28.60 level. After the opening of US markets however, the price recovered slightly to the 28.80 region, whereby the movement was capped and the white metal has once again edged lower to USD $28.71 per oz. currently. Prolonged stability below the 29.00 mark could signal the start of a negative trend, which thus far has proven to be a critical barrier for near-term movements.

Crude testing 93.00 mark
WTI Crude prices have been operating higher Friday, with the bourgeoning Cypriot bailout in focus. Prices managed to hold the vaunted 93.00 barrier during US trading, though is off its daily highs above the 93.30 level. In these moments the price of crude is negotiating a price of USD $93.07/bbl.