Commodities Brief – Precious metals pare gains at onset of US trading

Gold prices have waned at the start of American trading, leading to an overall paring of gains for the yellow metal from the 1614 level earlier today. In recent minutes, the dip has taken the price below the 20, 50, and 200-day SMA, also recording a daily low in the region of USD $1609.05 at the time of writing. With American markets poised to reopen after being on holiday yesterday, President Obama reportedly is pressuring Republicans to avoid a series of sweeping cuts that will trigger on March 1, merely nine days away.

Silver prices have suffered from the same fate recently, as advances in the 30.11 region (session highs) were ultimately sequestered and erased as the European session unfolded. At the time of writing, the price of the white metal has retreated towards session lows at USD $29.83, recording marginal losses of $-0.02.

Moving away from the precious metals, Crude Oil has seen a unique pricing movement Tuesday. Afternoon highs during European took the price of crude above the 96.00 level (96.14 session high) – albeit briefly – before falling back towards the 95.64 (afternoon low). Ultimately, crude prices have recovered slightly to trade presently at USD $95.77.