Back
12 Aug 2013
Gold jumps to 1340 region, silver resumes bullishness amidst fresh highs
FXstreet.com (New York) - Precious metals exploded Monday, notching steadfast gains across the board as previous highs were both broken.
Gold uptick insulated by 1304.00
Gold has jumped higher Monday, cruising above the 1317.00 resistance level and the 50-day SMA. The intraday bias is clearly bullish, however the market needs a break above the latest swing high at 1346.00 to confirm another leg higher towards 1366.00 next potential resistance. Ultimately, the 1304.00 level should limit downside dips, a break below 1304.00 will signal move back lower and maintain the ongoing sideways range. At the time of writing, gold prices are trading at USD $1337.49 per oz. Monday.
Silver resumes bullish trend
Silver spot prices followed their golden counterpart, breaking higher Monday as the price ruptured above the descending resistance for the latest bearish wave and 50-day SMA. In addition, the white metal made short work of its previous high at 20.60 – accordingly, the bias has turned bullish. The price of silver has now moved to USD $21.29 per oz. during US trading.
WTI enters sideways range
WTI crude oil continues to hover above 105.70 support level, at the middle of sideways range 102.50-109.00, while maintaining trading above 105.70 keeps the intraday bullish scenario valid. in these moments, WTI crude oil is negotiating a price of USD $105.21/bbl Monday.
Gold uptick insulated by 1304.00
Gold has jumped higher Monday, cruising above the 1317.00 resistance level and the 50-day SMA. The intraday bias is clearly bullish, however the market needs a break above the latest swing high at 1346.00 to confirm another leg higher towards 1366.00 next potential resistance. Ultimately, the 1304.00 level should limit downside dips, a break below 1304.00 will signal move back lower and maintain the ongoing sideways range. At the time of writing, gold prices are trading at USD $1337.49 per oz. Monday.
Silver resumes bullish trend
Silver spot prices followed their golden counterpart, breaking higher Monday as the price ruptured above the descending resistance for the latest bearish wave and 50-day SMA. In addition, the white metal made short work of its previous high at 20.60 – accordingly, the bias has turned bullish. The price of silver has now moved to USD $21.29 per oz. during US trading.
WTI enters sideways range
WTI crude oil continues to hover above 105.70 support level, at the middle of sideways range 102.50-109.00, while maintaining trading above 105.70 keeps the intraday bullish scenario valid. in these moments, WTI crude oil is negotiating a price of USD $105.21/bbl Monday.