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6 Aug 2013
Gold cannot recover from tumble below 1300.00, silver trading near lows
FXstreet.com (New York) - Precious metals have been hit today, collapsing to intraday lows, with gold highlighting the loss of the key 1300.00 support.
Gold cannot regain 1300.00
Gold settled below the broken ascending support for the bullish correction, and also back below the 1308.00 level, as the bearish scenario continues to be favored over intraday basis. Only a break back above 1308.00 the 50-day SMA will negate the bearish bias and revive the bullish scenario. At the time of writing, gold prices are trading at USD $1286.55 per oz. Tuesday.
Silver bearishness now in play
Silver remains below the main descending resistance, after breaking the minor ascending support for the latest bullish correctional wave. The bearish scenario remains favored, targeting a retest of 19.25 key support, a break below this support will clear the way for the resumption of the overall bear trend. The price of silver has now moved to USD $19.58 per oz. during US trading.
WTI bullishness hinges on support
Earlier today, WTI crude oil touched levels slightly below 106.00 before bouncing back higher – though this action was short-lived. So long as 105.60-105.80 support holds, the bullish bias remains in play. In these moments, WTI crude oil is negotiating a price of USD $105.15/bbl Tuesday.
Gold cannot regain 1300.00
Gold settled below the broken ascending support for the bullish correction, and also back below the 1308.00 level, as the bearish scenario continues to be favored over intraday basis. Only a break back above 1308.00 the 50-day SMA will negate the bearish bias and revive the bullish scenario. At the time of writing, gold prices are trading at USD $1286.55 per oz. Tuesday.
Silver bearishness now in play
Silver remains below the main descending resistance, after breaking the minor ascending support for the latest bullish correctional wave. The bearish scenario remains favored, targeting a retest of 19.25 key support, a break below this support will clear the way for the resumption of the overall bear trend. The price of silver has now moved to USD $19.58 per oz. during US trading.
WTI bullishness hinges on support
Earlier today, WTI crude oil touched levels slightly below 106.00 before bouncing back higher – though this action was short-lived. So long as 105.60-105.80 support holds, the bullish bias remains in play. In these moments, WTI crude oil is negotiating a price of USD $105.15/bbl Tuesday.