Commodities Brief – Previous metals trade lower ahead of FOMC, crude falls below 93.00

FXstreet.com (Barcelona) - The price of gold has edged lower, though is still holding onto the 1610 level Wednesday ahead of the FOMC minutes later today at 18:00 GMT. While the overall message is expected to contain more of the same – i.e. a continuation of the stimulus measures to buoy the economy, the yellow metal seems to be trading in a narrow range, refusing to break in either direction. In these moments the price of gold has settled at USD $1609.80 per oz. during American trading.

Silver edges lower ahead of FOMC
The white metal was continuously rebuffed by the 29.00 level yesterday, refusing to hold above this key resistance barrier, despite the turmoil that seemed to sag equity markets yesterday. Wednesday has been a one sided affair however, as the price has lingered below this mark and abstained from a plunge lower, despite the USD falling ahead of the FOMC later. At the time of writing, silver is trading at USD $28.83 per oz., with investors eying the 29.00 upside target.

Crude prices held below 93.00
WTI Crude prices have broken lower Wednesday, despite trading above 93.00 for the majority of the day. However, the US trading session has proven to be a bust so far for crude, with prices falling lower in recent moments to USD $92.68/bbl, after a previous upside attempt was stymied at 93.84.