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15 Aug 2013
Gold held at 1345 resistance, silver testing 22.00
FXstreet.com (New York) - Precious metals bounced off lows during US trading and rebounded higher back into positive territory, testing key upsides.
Gold at the 1345 resistance
Gold retreated after testing the 1345.00 resistance level and top of the sideways range, meanwhile RSI is showing a slight bearish divergence, which suggests a potential move lower probably towards 1317.00 key support area. The bearish chances are higher at the moment, but requires confirmation through a break below the ascending support for the bullish wave. At the time of writing, gold prices are trading at USD $1339.29 per oz. Thursday.
Silver testing 22.00
Silver is hesitant at 22.00-22.10 resistance area, after the strong steep rally, while RSI is showing a slight bearish divergence. Accordingly, a bearish correction seems likely and thus our mornings scenario is active and valid. The price of silver has now moved to USD $22.04 per oz. during US trading.
Gold at the 1345 resistance
Gold retreated after testing the 1345.00 resistance level and top of the sideways range, meanwhile RSI is showing a slight bearish divergence, which suggests a potential move lower probably towards 1317.00 key support area. The bearish chances are higher at the moment, but requires confirmation through a break below the ascending support for the bullish wave. At the time of writing, gold prices are trading at USD $1339.29 per oz. Thursday.
Silver testing 22.00
Silver is hesitant at 22.00-22.10 resistance area, after the strong steep rally, while RSI is showing a slight bearish divergence. Accordingly, a bearish correction seems likely and thus our mornings scenario is active and valid. The price of silver has now moved to USD $22.04 per oz. during US trading.