7 Aug 2013
Gold edges lower amidst broken support, silver wanes to fresh lows
FXstreet.com (New York) - Precious metals have failed to allay any lingering bearish concerns Wednesday morning during Asian trading, as both gold and silver continued their decline.
Gold cannot regain 1300.00
Gold has been under siege lately, and with the surrender of the 1308 support-now-turned resistance, the yellow metal faces an increasingly bearish outlook in the near-term. After yesterdays fall below the psychological barrier at 1300.00, gold is now opening up fresh losses and establishing daily lows during Asian trading. At the time of writing, gold prices are trading at USD $1282.70 per oz. Wednesday.
Silver bearishness now in play
Silver spot prices entered a bearish consolidation yesterday on the heels of a prolonged fall from 19.80, Tuesday’s highs. The bearish scenario will continue to be favored, ultimately targeting a retest of key support at 19.25 – a break below this support will open up a path below 19.00 and risk an overall movement towards earlier lows. The price of silver has now moved to USD $19.50 per oz. during Asian trading.
Gold cannot regain 1300.00
Gold has been under siege lately, and with the surrender of the 1308 support-now-turned resistance, the yellow metal faces an increasingly bearish outlook in the near-term. After yesterdays fall below the psychological barrier at 1300.00, gold is now opening up fresh losses and establishing daily lows during Asian trading. At the time of writing, gold prices are trading at USD $1282.70 per oz. Wednesday.
Silver bearishness now in play
Silver spot prices entered a bearish consolidation yesterday on the heels of a prolonged fall from 19.80, Tuesday’s highs. The bearish scenario will continue to be favored, ultimately targeting a retest of key support at 19.25 – a break below this support will open up a path below 19.00 and risk an overall movement towards earlier lows. The price of silver has now moved to USD $19.50 per oz. during Asian trading.