26 Jul 2013
Previous metals trading at intraday lows
FXstreet.com (New York) - Precious metals took a tumble Friday, as both gold and silver race towards their respective lows during US trading.
Gold navigating 50-day SMA
Gold prices are fluctuating around the 50-day SMA, retreating this morning after testing 1338.00 resistance level, and approaching the intraday support at 1325.00. A break below 1325.00 may push towards 1313.00 and 1308.00, but the overall bullish wave shall remain intact so long as above 1300.00. At the time of writing, gold prices are trading at USD $1316.63 per oz. Friday.
Silver bullish scenario activated
Silver spot prices were pushing lower, retesting levels below 20.00, and accordingly activated our bullish scenario, which remains valid so long as the main ascending support for the correctional bounce is intact, around 19.60 level. The price of silver has now moved to USD $19.74 per oz. during US trading.
WTI crude breaks lower
WTI crude oil is retesting the pivotal support area at 104.30-103.90, where it is preferred to monitor price action around the level for further confirmation. A break below 103.90 will signal further losses to 102.00 areas. In these moments, WTI crude oil is negotiating a price of USD $104.29/bbl Friday.
Gold navigating 50-day SMA
Gold prices are fluctuating around the 50-day SMA, retreating this morning after testing 1338.00 resistance level, and approaching the intraday support at 1325.00. A break below 1325.00 may push towards 1313.00 and 1308.00, but the overall bullish wave shall remain intact so long as above 1300.00. At the time of writing, gold prices are trading at USD $1316.63 per oz. Friday.
Silver bullish scenario activated
Silver spot prices were pushing lower, retesting levels below 20.00, and accordingly activated our bullish scenario, which remains valid so long as the main ascending support for the correctional bounce is intact, around 19.60 level. The price of silver has now moved to USD $19.74 per oz. during US trading.
WTI crude breaks lower
WTI crude oil is retesting the pivotal support area at 104.30-103.90, where it is preferred to monitor price action around the level for further confirmation. A break below 103.90 will signal further losses to 102.00 areas. In these moments, WTI crude oil is negotiating a price of USD $104.29/bbl Friday.