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13 Aug 2013
Precious metals retrace off early week rally
FXstreet.com (New York) - Precious metals have controlled their descent, having now bottomed out on the day.
Gold trading near lows
Gold prices extended the bullish move towards the main resistance level at 1345.00 area, and the broken ascending trend – this proved not to be a retest of the broken trend line, as spot prices ultimately headed lower again. Should gold price regain momentum, a break above 1345.00 may negate any chance of a pullback short-term and confirm another leg higher. At the time of writing, gold prices are trading at USD $1321.59 per oz. Tuesday.
Silver enters bearish phase
Despite the initial test at the 22.00 resistance area, silver spot prices turned lower and entered a bearish consolidation. Only a surge above the aforementioned level will negate the bearishness, as a move lower is portended so long as this figure remains unbroken. The price of silver has now moved to USD $21.44 per oz. during US trading.
Gold trading near lows
Gold prices extended the bullish move towards the main resistance level at 1345.00 area, and the broken ascending trend – this proved not to be a retest of the broken trend line, as spot prices ultimately headed lower again. Should gold price regain momentum, a break above 1345.00 may negate any chance of a pullback short-term and confirm another leg higher. At the time of writing, gold prices are trading at USD $1321.59 per oz. Tuesday.
Silver enters bearish phase
Despite the initial test at the 22.00 resistance area, silver spot prices turned lower and entered a bearish consolidation. Only a surge above the aforementioned level will negate the bearishness, as a move lower is portended so long as this figure remains unbroken. The price of silver has now moved to USD $21.44 per oz. during US trading.