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10 Sep 2013
Gold move towards support, 1350 the target?
FXstreet.com (Lisbon) - Precious metals have edged lower Tuesday, with Syrian drama likely quelled temporarily as the US congress awaits a vote tomorrow.
Gold looks to support?
Gold traded slightly lower, maintaining the consolidation behavior within the minor descending channel, while the overall bullish bias remains favored, as price holds within the main short-term bullish trend. This trend will remain intact so long as 1350.00 support area, and ascending trend line for the while bullish wave continues to be intact. At the time of writing, gold prices are trading at USD $1372.97 per oz. Tuesday.
Silver pushes lower
Silver is pushing lower, within a descending triangle formation, a break below the floor of formation at 23.05-support may confirm another leg lower to 22.30. On the other hand, a break above the descending resistance of the triangle may signal the continuation of the overall short-term bullish wave towards the previous high near 25.00. Accordingly, it is preferred to wait for a breakout of this pattern to confirm the next potential direction The price of silver has now moved to USD $23.22 per oz. during European trading.
Gold looks to support?
Gold traded slightly lower, maintaining the consolidation behavior within the minor descending channel, while the overall bullish bias remains favored, as price holds within the main short-term bullish trend. This trend will remain intact so long as 1350.00 support area, and ascending trend line for the while bullish wave continues to be intact. At the time of writing, gold prices are trading at USD $1372.97 per oz. Tuesday.
Silver pushes lower
Silver is pushing lower, within a descending triangle formation, a break below the floor of formation at 23.05-support may confirm another leg lower to 22.30. On the other hand, a break above the descending resistance of the triangle may signal the continuation of the overall short-term bullish wave towards the previous high near 25.00. Accordingly, it is preferred to wait for a breakout of this pattern to confirm the next potential direction The price of silver has now moved to USD $23.22 per oz. during European trading.