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11 Sep 2013
Precious metals trade unevenly as risk appetite subsides
FXstreet.com (Lisbon) - Precious metals have been unable to sustain any push Wednesday, oscillating in a minor consolidation though abstaining from any breaks below key supports.
Gold rebound on the horizon
Gold retested the 1358.00-support level earlier today, activating a bullish rebound scenario, where holding above the main ascending trend line and 1352.00 horizontal support is necessary for this scenario to remain valid. A sustained push back above 1380.00 is the target. At the time of writing, gold prices are trading at USD $1362.65 per oz. Wednesday.
Silver pushes lower
Silver is hesitating below the 23.05 broken support level, which could resume downside pressure, however should remain above 22.30 key support for the bullish wave to remain intact. Overall, a bullish scenario remains plausible, specifically if recent losses are curbed. The price of silver has now moved to USD $23.12 per oz. during US trading.
Gold rebound on the horizon
Gold retested the 1358.00-support level earlier today, activating a bullish rebound scenario, where holding above the main ascending trend line and 1352.00 horizontal support is necessary for this scenario to remain valid. A sustained push back above 1380.00 is the target. At the time of writing, gold prices are trading at USD $1362.65 per oz. Wednesday.
Silver pushes lower
Silver is hesitating below the 23.05 broken support level, which could resume downside pressure, however should remain above 22.30 key support for the bullish wave to remain intact. Overall, a bullish scenario remains plausible, specifically if recent losses are curbed. The price of silver has now moved to USD $23.12 per oz. during US trading.