23 Jul 2013
Precious metals rebound, crude extends downside below 107.00
FXstreet.com (New York) - Precious metals managed to dig themselves out of an early hole Tuesday, paring losses during US trading.
Gold rejected by 50-day SMA
Gold prices were rejected at the confluence of the 50-day SMA alongside the main descending resistance and the top of the ascending channel. As such, the yellow metal is pushing lower in an attempt to correct some of the major gains. Accordingly, the downside prevails over intraday basis. At the time of writing, gold prices are trading at USD $1335.32 per oz. Tuesday.
Silver could bounce higher
Silver spot prices are attempting to retest the broken resistance level around 20.10-20.00,which should form an intraday support, and the market might see a bounce back higher. The price of silver has now moved to USD $20.35 per oz. during US trading.
WTI crude extends downside
WTI crude oil extended the downside move, attempting to break the minor ascending support shown on chart, settling below this support will confirm further downside towards the second downside target near 104.30 key support area – in these moments, WTI crude oil is negotiating a price of USD $106.90/bbl Tuesday.
Gold rejected by 50-day SMA
Gold prices were rejected at the confluence of the 50-day SMA alongside the main descending resistance and the top of the ascending channel. As such, the yellow metal is pushing lower in an attempt to correct some of the major gains. Accordingly, the downside prevails over intraday basis. At the time of writing, gold prices are trading at USD $1335.32 per oz. Tuesday.
Silver could bounce higher
Silver spot prices are attempting to retest the broken resistance level around 20.10-20.00,which should form an intraday support, and the market might see a bounce back higher. The price of silver has now moved to USD $20.35 per oz. during US trading.
WTI crude extends downside
WTI crude oil extended the downside move, attempting to break the minor ascending support shown on chart, settling below this support will confirm further downside towards the second downside target near 104.30 key support area – in these moments, WTI crude oil is negotiating a price of USD $106.90/bbl Tuesday.