Commodities Brief – Gold makes failed attempt at 1600, crude oil overtakes 93.00 mark

Gold prices rallied earlier today, however the attempt to overtake the 1600 mark/calculated resistance/upside barrier was stymied. After the US open the yellow metal has once again gone on the defensive Tuesday, paring some of is recent gains and settling at USD $1594.05 per oz. Investors will await a fresh signal as to the direction of gold in the near-term, as a break of the 1600 level could lead to a move higher.

Silver cruises past 29.00
Silver bulls received a welcome sight today as the white metal managed to stream ahead of the 29.00 barrier en route to a steadfast gain Tuesday during American trading. While still operating below the first upside target at 29.45, the price of silver is negotiating a spot price of USD $29.23 per oz.

Crude oil jumps above 93.00
WTI crude oil has been the star commodity of the day as earlier sessions were spent in tight consolidation between the 91.00-92.00 level. However as of American trading the price of crude has climbed to USD $93.35/bbl in these moments, as the bulls seem to be in control Tuesday.