2 Sep 2013
Precious metals retreat lower, gold below 1400
FXstreet.com (Barcelona) - Precious metals retreated during European trading Monday, as Syrian fears abated temporarily and with the US on holiday for the duration of the day.
Gold primed for bull run?
Gold dipped sharply with the start of the week, recording and intraday low at 1373.00, before bouncing back higher quickly above 1389.00 support, forming a bullish hammer four-hour candle. The rebound suggests demand remains strong, while the overall short-term bullish trend remains intact. Accordingly, the bullish scenario is favored this week. At the time of writing, gold prices are trading at USD $1388.66 per oz. Monday.
Silver neutrality reigns
After completing the bearish correctional scenario, silver rebounds strongly approaching the descending resistance for the main bearish trend, and 24.80 key horizontal resistance level, continuation above the aforementioned resistance area is required to confirm further upside, where at the current levels we prefer to be neutral. The price of silver has now moved to USD $23.94 per oz. during European trading.
Gold primed for bull run?
Gold dipped sharply with the start of the week, recording and intraday low at 1373.00, before bouncing back higher quickly above 1389.00 support, forming a bullish hammer four-hour candle. The rebound suggests demand remains strong, while the overall short-term bullish trend remains intact. Accordingly, the bullish scenario is favored this week. At the time of writing, gold prices are trading at USD $1388.66 per oz. Monday.
Silver neutrality reigns
After completing the bearish correctional scenario, silver rebounds strongly approaching the descending resistance for the main bearish trend, and 24.80 key horizontal resistance level, continuation above the aforementioned resistance area is required to confirm further upside, where at the current levels we prefer to be neutral. The price of silver has now moved to USD $23.94 per oz. during European trading.