24 Jul 2013
Gold settles above 50-day SMA, crude showing signs of pullback
FXstreet.com (New York) - Precious metals remain in a position for a possible breakout, provided they stabilize above key figures, while crude faces an uneven path and bearish headwinds.
Gold bullish wave healthy
The price of gold retested the key broken resistance, which turned to support at 1338.00 level, price bounced slightly after testing the level. The bullish wave continues to be healthy and strong, and may extend further after settling above the main descending resistance and the 50-day SMA. At the time of writing, gold prices are trading at USD $1334.10 per oz. Wednesday.
Silver breakout portended?
Silver spot prices are consolidating above the 20.00 support area, and could be heading to resume the bullish breakout, however the white metal faces the main descending resistance. A break above this key trend line may confirm our bullish outlook and extend upside to 22.00 area. The price of silver has now moved to USD $20.22 per oz. during US trading.
WTI bearish chances remain
The bearish chances remain valid so long as it is holding, and a break back below 106.85 is necessary to re-accelerate the bearish momentum. On the other hand a break above 107.45 would extend the bullish move back higher towards 108.50. In these moments, WTI crude oil is negotiating a price of USD $106.78/bbl Wednesday.
Gold bullish wave healthy
The price of gold retested the key broken resistance, which turned to support at 1338.00 level, price bounced slightly after testing the level. The bullish wave continues to be healthy and strong, and may extend further after settling above the main descending resistance and the 50-day SMA. At the time of writing, gold prices are trading at USD $1334.10 per oz. Wednesday.
Silver breakout portended?
Silver spot prices are consolidating above the 20.00 support area, and could be heading to resume the bullish breakout, however the white metal faces the main descending resistance. A break above this key trend line may confirm our bullish outlook and extend upside to 22.00 area. The price of silver has now moved to USD $20.22 per oz. during US trading.
WTI bearish chances remain
The bearish chances remain valid so long as it is holding, and a break back below 106.85 is necessary to re-accelerate the bearish momentum. On the other hand a break above 107.45 would extend the bullish move back higher towards 108.50. In these moments, WTI crude oil is negotiating a price of USD $106.78/bbl Wednesday.