Commodities Brief – Gold rallies to 1260, crude overtakes 105.00 ahead of FOMC

FXstreet.com (New York) - Precious metals moved in an uneven manner Tuesday, showing signs of tepidness ahead of the FOMC tomorrow, which is sure to create waves across commodities.

Gold eyes 1269 resistance

Gold resumed the upside bias after breaking above the minor descending resistance towards the main upside target at the 1269.00 resistance area. At the time of writing, gold prices are trading at USD $1260.38 per oz. Wednesday, operating at daily highs.

Silver bullish scenario activated

Silver prices were heading higher, probably towards a retest of the descending resistance for the triangle pattern. Accordingly, a bullish scenario remains valid, pending any waves out of the FOMC. At the current levels, the price of silver has now moved to USD $19.32 per oz. during US trading.

WTI crude surges ahead past 105.00

WTI crude oil extended the rally above 105.00 mark, testing the 121.7 Fibonacci extension level around 105.20, and that activated a previously proposed bearish scenario. In these moments, WTI crude oil is negotiating a price of USD $105.12/bbl Wednesday.