22 Aug 2013
Gold remains capped by 1373 resistance, silver holds above 23.00
FXstreet.com (New York) - Precious metals eased off their highs during US trading, still holding a positive path thus far Thursday.
Gold capped by resistance
Gold fluctuated in a sideways movement, failing again to settle above 1373.00 resistance level, however maintains the overall bullish wave above the ascending support shown on the four-hour chart above, and most importantly above 1352.00-1346.00 key support area. As long as this support is holding, the bullish scenario continues to be favored. A break below 1346.00 will open the door for a deeper downside move towards the main ascending trend line near 1320.00. At the time of writing, gold prices are trading at USD $1372.96 per oz. Thursday.
Silver stays above 23.00
Silver is maintaining the fluctuating stance, in-between 23.50-22.00 resistance and support levels, and thus the bullish wave continue to be intact. Holding above 22.00 will keep the bullish scenario valid. A break below 22.00 may call for a retest toward the 50-day SMA around 20.50. The price of silver has now moved to USD $23.05 per oz. during US trading.
Gold capped by resistance
Gold fluctuated in a sideways movement, failing again to settle above 1373.00 resistance level, however maintains the overall bullish wave above the ascending support shown on the four-hour chart above, and most importantly above 1352.00-1346.00 key support area. As long as this support is holding, the bullish scenario continues to be favored. A break below 1346.00 will open the door for a deeper downside move towards the main ascending trend line near 1320.00. At the time of writing, gold prices are trading at USD $1372.96 per oz. Thursday.
Silver stays above 23.00
Silver is maintaining the fluctuating stance, in-between 23.50-22.00 resistance and support levels, and thus the bullish wave continue to be intact. Holding above 22.00 will keep the bullish scenario valid. A break below 22.00 may call for a retest toward the 50-day SMA around 20.50. The price of silver has now moved to USD $23.05 per oz. during US trading.