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9 Aug 2013
Gold remains secure above 1300.00, WTI crude notches gains
FXstreet.com (New York) - Precious metals have mostly held onto earlier gains, wavering slightly during US trading.
Gold must remain above 1300.00
Market have been trapped within a tight range following the touch of falling trend line that connects the movements from 1348.00. Hence, risk versus reward ratio remains too high at present levels. Of note, breaching through the 1300.00 psychological support will bring the bearishness back into focus. At the time of writing, gold prices are trading at USD $1314.41 per oz. Friday.
20.50 level in focus for silver
Silver is still struggling near the falling trend line connecting the movements from 23.10, while RSI 14 also is close to overbought regions as we discussed this morning. Neutrality is still favored for the rest of the day as far as 20.50 remains intact. The price of silver has now moved to USD $20.46 per oz. during US trading.
WTI still bearish
Oil didn’t show any big move since morning, while being trapped between SMA 20 and SMA 50. The bearishness appearing on MACD and RSI 14 could be confirmed with a break below the virtual neckline of the double top formation. This classical pattern is just an emerging pattern and we should stay aside until traders activate it– in these moments, WTI crude oil is negotiating a price of USD $105.45/bbl Friday.
Gold must remain above 1300.00
Market have been trapped within a tight range following the touch of falling trend line that connects the movements from 1348.00. Hence, risk versus reward ratio remains too high at present levels. Of note, breaching through the 1300.00 psychological support will bring the bearishness back into focus. At the time of writing, gold prices are trading at USD $1314.41 per oz. Friday.
20.50 level in focus for silver
Silver is still struggling near the falling trend line connecting the movements from 23.10, while RSI 14 also is close to overbought regions as we discussed this morning. Neutrality is still favored for the rest of the day as far as 20.50 remains intact. The price of silver has now moved to USD $20.46 per oz. during US trading.
WTI still bearish
Oil didn’t show any big move since morning, while being trapped between SMA 20 and SMA 50. The bearishness appearing on MACD and RSI 14 could be confirmed with a break below the virtual neckline of the double top formation. This classical pattern is just an emerging pattern and we should stay aside until traders activate it– in these moments, WTI crude oil is negotiating a price of USD $105.45/bbl Friday.