21 Aug 2013
Precious metals trade unevenly ahead of FOMC
FXstreet.com (New York) - Precious metals rose off of earlier lows, recovering back to positive territory respectively, with silver notably making a steadfast rally.
Gold bullishness remains
Gold extended the rebound yesterday towards 1377.00 level, while the bullish wave continues to be intact, as the key support level at 1345.00-1346.00 and the ascending support for the wave remains intact, and accordingly the bullish scenario remains favored. At the time of writing, gold prices are trading at USD $1369.05 per oz. Wednesday.
Silver bounces off support
Silver was rejected at 22.20 support level, where price formed a major lower shadow for yesterday session candle, marking 22.20-22.00 area as key support for the upcoming sessions. So long as above the aforementioned support, the bullish bias will be maintained. The price of silver has now moved to USD $22.98 per oz. during US trading.
Gold bullishness remains
Gold extended the rebound yesterday towards 1377.00 level, while the bullish wave continues to be intact, as the key support level at 1345.00-1346.00 and the ascending support for the wave remains intact, and accordingly the bullish scenario remains favored. At the time of writing, gold prices are trading at USD $1369.05 per oz. Wednesday.
Silver bounces off support
Silver was rejected at 22.20 support level, where price formed a major lower shadow for yesterday session candle, marking 22.20-22.00 area as key support for the upcoming sessions. So long as above the aforementioned support, the bullish bias will be maintained. The price of silver has now moved to USD $22.98 per oz. during US trading.