May 9, 2013
Commodities Brief – Precious metals ease slightly ahead of BoE, crude oil holds above 96.00 barrier
Gold prices faced intraday weakness again, following a slight weakness below the 1456 Gold prices have been spared a sweeping movement thus far Thursday, ahead of the BoE decision later today at 11:00 GMT. After recording early gains at the 1474 level, the yellow metal has retreated slightly and eased back to USD $1470.22 per oz. in these moments. Gold ultimately maintains the rebound after testing the bottom of sideways range at 1440.00 support, approaching the top of the range near 1485.00. A breakout of this range should signal the next potential short-term direction.
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