29 Aug 2013
Gold steadies above 1400 despite fall, silver breaches 24.00
FXstreet.com (New York) - Precious metals fell continued their retreat off earlier weekly highs, as staunch resistance has given way into outright bearish retracements.
Gold witnesses bearish shooting star
Gold prices have observed a bearish shooting star candle, seen on the daily chart, as the price completed a minor head and shoulders top at the top of the main ascending channel. Accordingly, the downside correctional scenario remains valid though stability back above 1430.00 may weaken the suggested scenario. At the time of writing, gold prices are trading at USD $1406.19 per oz. Thursday.
Silver bearish scenario favored
Silver broke below the ascending support earlier today in what has culminated in an off day for precious metals thus far. The white metal is currently retesting it, where it reverses its role to be a resistance and could push price to resume the bearish bias, Overall, the bearish scenario remain favored. The price of silver has now moved to USD $23.82 per oz. during US trading.
Gold witnesses bearish shooting star
Gold prices have observed a bearish shooting star candle, seen on the daily chart, as the price completed a minor head and shoulders top at the top of the main ascending channel. Accordingly, the downside correctional scenario remains valid though stability back above 1430.00 may weaken the suggested scenario. At the time of writing, gold prices are trading at USD $1406.19 per oz. Thursday.
Silver bearish scenario favored
Silver broke below the ascending support earlier today in what has culminated in an off day for precious metals thus far. The white metal is currently retesting it, where it reverses its role to be a resistance and could push price to resume the bearish bias, Overall, the bearish scenario remain favored. The price of silver has now moved to USD $23.82 per oz. during US trading.