30 Aug 2013
Gold testing 1400, 1385 support in focus as retracement looms
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 extends bearish move
Gold extended the bearish move, broke below the ascending trend line for the latest bullish wave, and approaching the key support area among 1390.00-1385.00. Overall, the recent selloff has done some damage to latest bullish wave, where a break below 1385.00 may will support the bearish momentum and confirm further downside. At the time of writing, gold prices are trading at USD $1402.11 per oz. Friday.
Silver retreats to support
Silver is retesting 23.60-23.40 horizontal support area, where the downward slopping neckline for a minor head and shoulders pattern resides as well, a decisive break below this support should signal further downside, as RSI breaks below its momentum support as well. The price of silver has now moved to USD $23.62 per oz. during US trading.
Gold extends bearish move
Gold extended the bearish move, broke below the ascending trend line for the latest bullish wave, and approaching the key support area among 1390.00-1385.00. Overall, the recent selloff has done some damage to latest bullish wave, where a break below 1385.00 may will support the bearish momentum and confirm further downside. At the time of writing, gold prices are trading at USD $1402.11 per oz. Friday.
Silver retreats to support
Silver is retesting 23.60-23.40 horizontal support area, where the downward slopping neckline for a minor head and shoulders pattern resides as well, a decisive break below this support should signal further downside, as RSI breaks below its momentum support as well. The price of silver has now moved to USD $23.62 per oz. during US trading.