Commodities Brief: Precious metals approaching previous lows as Asia trade heats up

FXstreet.com (Barcelona) - The precious metals markets are trading sharply lower during Asia trade, with gold down 2.03% at 1350 and silver down 3.13% at 22.58. The short term bounce that played out over the last few days looks to be coming to an end as the US Dollar regains strength after cautious comments from ECB officials earlier today.

Initial support in gold sits at 1330 (bullish engulf candle on 1 hr chart), followed by 1322 (low price on April 16th). Resistance comes in at 1362 (previous support, now resistance on 1 hr chart), followed by 1382 (the 20 dma on 1 hr chart). Initial support on silver comes in at 22.50 (low price on April 15th), followed by 22.00 (low price on April 16th). Resistance sits at 22.84 (previous support, now resistance on 1 hr chart), followed by 23.14 (the 9 dma on 1 hr chart)