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5 Aug 2013
Precious metals trading at intraday lows, silver touching support at 1300.00
FXstreet.com (New York) - Precious metals have been trading lower across the board Monday, having failed to garner any type of momentum during US trading.
Gold trading near 1300 support
Gold rebounded strongly on Friday, forming a long lower shadow hammer candlestick pattern at 1300.00 support, and thus closed the trading session back above this key support at 1300.00, which keeps the bullish correctional wave and outlook intact for this week. At the time of writing, gold prices are trading at USD $1302.95 per oz. Monday.
Silver bearish scenario favored
Silver spot prices have been under siege Monday, with an upside held below the first tier descending resistance, and below the 50-day SMA in addition to the main descending trend line. Accordingly, the bearish scenario remains favored. The price of silver has now moved to USD $19.69 per oz. during US trading.
WTI bullishness reiterated
The latest bearish wave in WTI Crude could be a mere retest of the main broken descending resistance, where price resumed the overall bullish wave after retesting the trend line around 103.00 area. The bullish scenario is favored, towards the next key resistance area at 110.00. A break above 110.00 will be the catalyst for further gain and the continuation of the rally. In these moments, WTI crude oil is negotiating a price of USD $106.49/bbl Monday.
Gold trading near 1300 support
Gold rebounded strongly on Friday, forming a long lower shadow hammer candlestick pattern at 1300.00 support, and thus closed the trading session back above this key support at 1300.00, which keeps the bullish correctional wave and outlook intact for this week. At the time of writing, gold prices are trading at USD $1302.95 per oz. Monday.
Silver bearish scenario favored
Silver spot prices have been under siege Monday, with an upside held below the first tier descending resistance, and below the 50-day SMA in addition to the main descending trend line. Accordingly, the bearish scenario remains favored. The price of silver has now moved to USD $19.69 per oz. during US trading.
WTI bullishness reiterated
The latest bearish wave in WTI Crude could be a mere retest of the main broken descending resistance, where price resumed the overall bullish wave after retesting the trend line around 103.00 area. The bullish scenario is favored, towards the next key resistance area at 110.00. A break above 110.00 will be the catalyst for further gain and the continuation of the rally. In these moments, WTI crude oil is negotiating a price of USD $106.49/bbl Monday.