Commodities Brief – Precious metals drop during US trading, crude oil held below 94.50

(Before It's News)

A recent upside attempt via spot gold prices was stymied at the 1561 level Thursday at the onset of American trading. Since yesterdays FOMC fiasco, precious metals and commodities have been in a state of flux, as nobody truly knows what the Fed rhetoric will translate to in tangible terms – indeed a suspension of QE3 would portend further weakness to gold prices. In these moments, the price of gold has once again edged lower and is trading negatively at USD $1557.68 per oz. The yellow metal is in the midst of a bearish consolidation, however prolonged stability above 1570 will ultimately cancel this view.

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