Precious metals soar as gold touches 1365, silver testing 23.00

FXstreet.com (New York) - Precious metals have been in overdrive Thursday, receiving an impetus from earlier US economic data and the USD that is in full retreat across the board.

Gold prices shot above the 1345 resistance area, culminating in a concave movement off of earlier lows today. With the MACD firmly positive, spot prices have found a new barrier to hurdle in the 1365 region during the afternoon of US trading. A previously bearish scenario is now cancelled, with the 1318 support providing a large degree of support, while on the upside, a break above 1365 could move to 1390. At the time of writing, gold prices are trading at $1363.85 per oz.

Silver spot prices followed in the same path as its golden counterpart, thrusting higher as the 22.00 resistance now turned support is providing a measure of downside protection. With the bullish scenario now cancelled following the push above 22.00, silver now looks to resume an upside that will target a close or 23.10 – a break of which will open up 23.40. In these moments the price of silver is trading at $23.12 in these moments.