31 Jul 2013
Precious metals drop to intraday lows ahead of FOMC
FXstreet.com (New York) - Precious metals fell lower Wednesday, hurt by the robustness of the latest Q2 GDP in the US, coupled with anticipation of the FOMC monetary policy statement later today at 18:00 GMT.
Gold bullishness cancelled
Gold prices dipped sharply towards the 1319.00 support, but remain within the entry area at 1323.00-support and bottom of the pennant formation. Due to the unexpected strong U.S. economic data, a previously bullish scenario is now invalid, moving to the sidelines for confirmation of any swings ahead of the FOMC. At the time of writing, gold prices are trading at USD $1316.26 per oz. Wednesday.
Silver bearish outlook probable
Silver is holding below the broken ascending support for the bullish correctional wave, and thus the suggested intraday bearish scenario continues to be valid amidst weakening technicals. The price of silver has now moved to USD $19.59 per oz. during US trading.
WTI crude bearishness favored
WTI Crude Oil retreated after touching 103.70, and remains well capped below 103.90 resistance level, and accordingly the bearish scenario remains favored. In these moments, WTI crude oil is negotiating a price of USD $103.21/bbl Wednesday.
Gold bullishness cancelled
Gold prices dipped sharply towards the 1319.00 support, but remain within the entry area at 1323.00-support and bottom of the pennant formation. Due to the unexpected strong U.S. economic data, a previously bullish scenario is now invalid, moving to the sidelines for confirmation of any swings ahead of the FOMC. At the time of writing, gold prices are trading at USD $1316.26 per oz. Wednesday.
Silver bearish outlook probable
Silver is holding below the broken ascending support for the bullish correctional wave, and thus the suggested intraday bearish scenario continues to be valid amidst weakening technicals. The price of silver has now moved to USD $19.59 per oz. during US trading.
WTI crude bearishness favored
WTI Crude Oil retreated after touching 103.70, and remains well capped below 103.90 resistance level, and accordingly the bearish scenario remains favored. In these moments, WTI crude oil is negotiating a price of USD $103.21/bbl Wednesday.