Commodities Brief – Precious metals tumble ahead of ECOFIN, crude testing 93.00 level

FXstreet.com (Barcelona) - Gold prices fell Friday, ahead of the ECOFIN meeting in Europe, capping an ugly week for precious metals. Indeed, on the back end yesterday’s session that included profit taking and equity highs (S&P), the yellow metal has been unable to gain any momentum today. Having retested the broken support of 1567, prices are now edging lower during European trading as this level has morphed into resistance. Ultimately, a movement above 1570 would allay many bearish concerns, however at this juncture this has not proven to be the case. At the time of writing, gold is trading at USD $1557.57 per oz.

Silver tumbles
The white metal has incurred similar losses, as yesterday’s setbacks appeared to be pared by the end of US trading. However, Friday is another case entirely, as silver spot prices have been tumbling during European trading. Indeed, in these moments, silver is trading at session lows of USD $27.52 per oz.

Crude prices testing 93.00
WTI Crude oil also extended its downward path, as the price not only failed to stabilize above the 94.00 level – after an unsuccessful break above its 50-day SMA at 94.50 – but it also fell below 93.00 Friday. In these moments, crude prices are testing this barrier.