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Commodities Brief – gold prices rally on waning equities

Gold prices made several attempts at the 1650 level earlier today during European trading as weak GDP data across the continent breathed repeated life into the yellow metal. However, these gains were also met with volatility, as the pair touched the 1641 level twice before bouncing back in these moments to trade positively at USD $1646.41, up +$2.21 at the US open. Presently, gold operates above the 20 and 50-day SMA, though the prices seem to have stabilized and found ground at the 1641 region (session low). Conversely, Silver prices have also moved higher, trading in the region of USD $30.98, though the prices here have stalled. With US equities stumbling at the open, gold prices seem primed to recoup some of their earlier losses on the week.

Crude Oil prices on the other hand had been virtually a one-way street Thursday, trending higher since the European session and looking to recover yesterday’s losses, however the price stumbled after a failed attempt at the 97.60 level, which eased its gains towards the USD $97.36 at the onset of the US open. Proponents will look for a push up towards the 98.00 level (February 13 high).

Forex: USD/CHF quiet above 0.9215/20

The USD/CHF went as high as 0.9246 as flash GDP publications in Europe and the ECB monthly report broke risk sentiment down, revealing wider than expected recession in Q4 2012, while ECB Constancio admitted the possibility of pushing interest rates to negative ground.
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Forex Flash: EUR/USD should hold at 1.3327 intraday – TD Securities

The EUR drag pulled the rest of the European currencies lower in sympathy as "broad weakness in GDP readings across the Eurozone (the lowest figures since 2009) confirmed even deeper recessionary conditions than expected and provoked a sharp selloff in the EUR". TD Securities analysts observe price action denting further the well entrenched bull trend in place since November. "For EUR/USD, the 40-day moving average (at 1.3327)—which has been provided key support in recent months—is currently being tested", wrote analysts Shaun Osborne and Greg Moore, expecting that area to hold intraday, but a break lower would look to support at the bottom of the bull channel near 1.3255/65. 
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