21 Aug 2013
Precious metals retrace after FOMC, silver testing 23.00
FXstreet.com (New York) - Precious metals were unable to sustain temporary gains surrounding the FOMC Wednesday, easing back to earlier levels though still remaining technically sound.
Gold eyes advance
Gold surged higher to touch the 1377 region (daily high) Wednesday, following the FOMC minutes, though these gains were not to be sustained. With an easing back lower, the bullish scenario is still maintained, as the technicals remain optimistic for the yellow metal. Ultimately a small rise should give way towards a slight pullback. At the time of writing, gold prices are trading at USD $1369.07 per oz. Wednesday.
Silver retreats back to 23.00
Silver shot up to notch fresh highs above 23.30 Wednesday as the FOMC minutes helped provide a short-term impetus. However, this proved to be a knee jerk reaction, with the price now retreating back to test the 23.00 barrier in these moments during US trading.
Gold eyes advance
Gold surged higher to touch the 1377 region (daily high) Wednesday, following the FOMC minutes, though these gains were not to be sustained. With an easing back lower, the bullish scenario is still maintained, as the technicals remain optimistic for the yellow metal. Ultimately a small rise should give way towards a slight pullback. At the time of writing, gold prices are trading at USD $1369.07 per oz. Wednesday.
Silver retreats back to 23.00
Silver shot up to notch fresh highs above 23.30 Wednesday as the FOMC minutes helped provide a short-term impetus. However, this proved to be a knee jerk reaction, with the price now retreating back to test the 23.00 barrier in these moments during US trading.