4 Sep 2013
Gold back above $1400 amid Syria turmoil
FXstreet.com (Barcelona) - Gold is currently sitting at $1412 off recent NY session and weekly highs at $1416, a key Fibo level both from the big down move coming from early Oct 2012 highs shy of the $1800, and from the minor daily leg down started in early June, as well as previous resistance back in early June.
The yellow metal has closed in NY with an advance of +1.12% amid growing tensions in Syria facing a highly likely attack from the US, as Congress may authorize the military intervention. Silver in the other hand was more quiet for the day although a +3.14% higher from previous weekly close Friday, which happened to be also last trading day for Sept futures contract, which is currently ready to settle for delivery.
Since Gold is much lower than Silver since Friday's close, with holiday in between in the US over Labor Day, the gold:silver ratio has plunged a -2% ever since, even though it has pared almost half the loses now since early London trade Tuesday.
Copper was also higher +2.29% for the week so far at the NY close, last around the $3.30, dealing with previous support worked back in late August, and potential neckline of a double high printed near the $3.38 level.
The yellow metal has closed in NY with an advance of +1.12% amid growing tensions in Syria facing a highly likely attack from the US, as Congress may authorize the military intervention. Silver in the other hand was more quiet for the day although a +3.14% higher from previous weekly close Friday, which happened to be also last trading day for Sept futures contract, which is currently ready to settle for delivery.
Since Gold is much lower than Silver since Friday's close, with holiday in between in the US over Labor Day, the gold:silver ratio has plunged a -2% ever since, even though it has pared almost half the loses now since early London trade Tuesday.
Copper was also higher +2.29% for the week so far at the NY close, last around the $3.30, dealing with previous support worked back in late August, and potential neckline of a double high printed near the $3.38 level.