Commodities Brief – Gold prices rebound Friday amidst the indecision surrounding the US stimulus program

Gold prices rebounded on slightly Friday during overnight trading, extending on the tepid advances made Thursday, after which a tranche of economic indicators in the United States pointed to an uneven recovery in the world’s largest economy. Perhaps far more importantly as of late for the yellow metal, hopes were raised that Federal Reserve monetary stimulus would continue. Earlier today, prices peaked at 1586.75 before ultimately waning during European trading down to the 1580 region. However, in recent moments, Gold prices have rebounded towards USD $1582.75 per oz. at the time of writing, with the 20 and 50-day SMA acting as temporary resistance. Looking ahead today, the division amongst US policymakers on whether it should halt its stimulus program should continue to weigh heavily on gold`s inflation hedge appeal.

Conversely, Silver prices experienced a similar recovery, though gains were limited to the 28.91 region, unable to retest the psychological 29.00 mark. Moreover, the white metal also slipped recently, retracing back towards 28.78 before a bounce in recent moments has lifted the white metal back to USD $28.85 per oz. Friday.

Yesterday’s brief fall below the 93.00 level proved to be a lingering weakness for Crude oil as it could not garner any momentum across any session. Friday has continued this trend, though prices have remained stable above the 93.00 mark, despite a recent test of it. In these moments, Crude oil is trading at USD $93.28/bbl during the midst of European trading.