23 Aug 2013
Precious metals explode to monthly highs, gold at 1395
FXstreet.com (New York) - Precious metals catapulted higher Friday, helped in part by rumors of a Fed-induced inflation floor.
Gold surges above resistances
Gold extended gains its gains above the first upside target and 1373.00 resistance, followed by 1385.00, which now signals the continuation of the bullish wave. While the ascending support for the bullish wave remains intact, the RSI maintains the bullish momentum and holds above 50 as well. At the time of writing, gold prices are trading at USD $1395.57 per oz. Friday.
Silver bullishness intact
Silver broke out of a recent sideways range, and is in the process of forming a symmetrical triangle pattern, above the key support area at 22.00-22.20, accordingly. The bullish wave remains intact, and the bullish bias continues to be favored, a break above this resistance of the triangle should confirm further upside. The price of silver has now moved to USD $23.64 per oz. during US trading.
Gold surges above resistances
Gold extended gains its gains above the first upside target and 1373.00 resistance, followed by 1385.00, which now signals the continuation of the bullish wave. While the ascending support for the bullish wave remains intact, the RSI maintains the bullish momentum and holds above 50 as well. At the time of writing, gold prices are trading at USD $1395.57 per oz. Friday.
Silver bullishness intact
Silver broke out of a recent sideways range, and is in the process of forming a symmetrical triangle pattern, above the key support area at 22.00-22.20, accordingly. The bullish wave remains intact, and the bullish bias continues to be favored, a break above this resistance of the triangle should confirm further upside. The price of silver has now moved to USD $23.64 per oz. during US trading.