Mar 28, 2013
Commodities Brief – Precious metals falter, crude surges forward toward 97.00
Gold prices managed to fall below the 1600 barrier/support Thursday, as Cypriot banks reopen and renewed confidence permeates the land. With upbeat GDP data coming out of the US earlier, the mood was all the more palpable of a steadfast recovery – the USD index also crept higher. Having rescinded its hold on the aforementioned level, the price is trading at USD $1597.12 per oz. in these moments during US trading. A retest of the 1600 mark will ultimately steady the nerves of gold bears and preserve an upside trend that was holding on a weekly basis.
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