8 Aug 2013
Precious metals hold onto recent gains, advances capped at respective levels
FXstreet.com (New York) - Precious metals have clung to yesterday’s gains, refusing to nudge lower ahead of a busy morning that features Chinese data and the BoJ later.
Gold cannot regain 1300.00
Gold prices have been on the uptick Thursday morning, building on yesterdays gains amidst multiple probes at the 1288 level. A previously bearish scenario was foiled following the stability above the 1275 level/support. Despite the MACD in positive territory, gold looks uninspiringly neutral, having failed to break above the 1288 level or regain the 1300 region – only a break above this would confirm positivity. At the time of writing, gold prices are trading at USD $1285.70 per oz. Thursday.
Silver bearishness now in play
Silver spot prices have yet to break out of a bearish consolidation Thursday morning, despite recent upbeat gains that have taken the white metal to the top end of yesterdays trading range. With silver nestled between the 19.80 resistance and the 19.25 support, sideways trading relegated to this range will likely be the name of the game pending a breakout. The price of silver has now moved to USD $19.53 per oz. during Asian trading.
Gold cannot regain 1300.00
Gold prices have been on the uptick Thursday morning, building on yesterdays gains amidst multiple probes at the 1288 level. A previously bearish scenario was foiled following the stability above the 1275 level/support. Despite the MACD in positive territory, gold looks uninspiringly neutral, having failed to break above the 1288 level or regain the 1300 region – only a break above this would confirm positivity. At the time of writing, gold prices are trading at USD $1285.70 per oz. Thursday.
Silver bearishness now in play
Silver spot prices have yet to break out of a bearish consolidation Thursday morning, despite recent upbeat gains that have taken the white metal to the top end of yesterdays trading range. With silver nestled between the 19.80 resistance and the 19.25 support, sideways trading relegated to this range will likely be the name of the game pending a breakout. The price of silver has now moved to USD $19.53 per oz. during Asian trading.