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26 Aug 2013
Precious metals testing key regions, gold nearing 1400, silver testing 24.00
FXstreet.com (New York) - Precious metals have moved higher again Monday, waning off recent highs during US trading.
Gold at resistance
Gold extended its recent rally, breaking above the previous high at 1385.00, and testing levels above at 1406.00, below the main upside target for the ongoing bullish wave at 1420.00-1425.00 resistance area-At this price, the yellow metal might complete an ABC wave structure, and move lower again. The ABC structure remains a possibility that may and may not materialize, accordingly it is recommended to look for signs of downside reversal over the lower intervals if price reaches 1425.00. For now, the bullish trend remains intact, with room for further upside. At the time of writing, gold prices are trading at USD $1393.00 per oz. Monday.
Silver bullishness intact
Silver broke to new highs (24.38), acquiring the bullish scenario, and probably heading towards the next key resistance area at 24.80. The rally may finds strong resistance at the aforementioned horizontal level as it coincides with a potential descending resistance level as shown on the daily chart above. Overall, the bullish bias remains favored for this week, but will cautiously monitor 24.80 key level for downside reversal signals. The price of silver has now moved to USD $23.98 per oz. during US trading.
Gold at resistance
Gold extended its recent rally, breaking above the previous high at 1385.00, and testing levels above at 1406.00, below the main upside target for the ongoing bullish wave at 1420.00-1425.00 resistance area-At this price, the yellow metal might complete an ABC wave structure, and move lower again. The ABC structure remains a possibility that may and may not materialize, accordingly it is recommended to look for signs of downside reversal over the lower intervals if price reaches 1425.00. For now, the bullish trend remains intact, with room for further upside. At the time of writing, gold prices are trading at USD $1393.00 per oz. Monday.
Silver bullishness intact
Silver broke to new highs (24.38), acquiring the bullish scenario, and probably heading towards the next key resistance area at 24.80. The rally may finds strong resistance at the aforementioned horizontal level as it coincides with a potential descending resistance level as shown on the daily chart above. Overall, the bullish bias remains favored for this week, but will cautiously monitor 24.80 key level for downside reversal signals. The price of silver has now moved to USD $23.98 per oz. during US trading.