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12 Sep 2013
Gold drops to intraday lows at 1336, bearish scenario activated
FXstreet.com (Lisbon) - Precious metals have continued their intraweek tumble Thursday, as investors slowly allay their concerns over a Syrian invasion, which at the start of the week seemed a virtual certainty.
Gold enters bearish pattern
Gold has broken below the key support area around 1350.00, invalidating an earlier hypothesized bullish rebound scenario. The bias has turns bearish, where further stability below the broken support-turned resistance should lead to more downside movement. At the time of writing, gold prices are trading at USD $1336.29 per oz. Thursday.
Silver could still see short-term rebound
Silver extended the bearish move within the potential failing wedge formation, approaching the key support at 22.30-22.45, which should remain intact for the bullish rebound scenario to remain possible. The price of silver has now moved to USD $22.48 per oz. during US trading.
Gold enters bearish pattern
Gold has broken below the key support area around 1350.00, invalidating an earlier hypothesized bullish rebound scenario. The bias has turns bearish, where further stability below the broken support-turned resistance should lead to more downside movement. At the time of writing, gold prices are trading at USD $1336.29 per oz. Thursday.
Silver could still see short-term rebound
Silver extended the bearish move within the potential failing wedge formation, approaching the key support at 22.30-22.45, which should remain intact for the bullish rebound scenario to remain possible. The price of silver has now moved to USD $22.48 per oz. during US trading.