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19 Aug 2013
Precious metals edge lower, still room for upside however
FXstreet.com (New York) - Precious metals traded lower Monday, refusing to give back too much ground after last weeks steadfast advance.
Gold has legs for advance higher
The rally in gold extended after breaking the previous high at 1346.00 level, where the ongoing wave could be the BC wave for and ABC wave structure, the C point (which ends the correctional wave) could be at the 161.8 extension level for AB at 1391.00. Extending the wave above 1391.00 may open the door for the 200 percent extension level, which converges with a key previous high at 1420.00 area. Overall, further upside is projected before moving back lower. At the time of writing, gold prices are trading at USD $1367.68 per oz. Monday.
Silver could target 24.80
Silver maintains the strong bullish wave, challenging 23.40-23.50 resistance level, while RSI is showing strong overbought signals, and thus the market should witness a downside pullback soon. However, the bullish wave probably has further room to go, and 24.80 is the main upside target. The price of silver has now moved to USD $23.18 per oz. during US trading.
Gold has legs for advance higher
The rally in gold extended after breaking the previous high at 1346.00 level, where the ongoing wave could be the BC wave for and ABC wave structure, the C point (which ends the correctional wave) could be at the 161.8 extension level for AB at 1391.00. Extending the wave above 1391.00 may open the door for the 200 percent extension level, which converges with a key previous high at 1420.00 area. Overall, further upside is projected before moving back lower. At the time of writing, gold prices are trading at USD $1367.68 per oz. Monday.
Silver could target 24.80
Silver maintains the strong bullish wave, challenging 23.40-23.50 resistance level, while RSI is showing strong overbought signals, and thus the market should witness a downside pullback soon. However, the bullish wave probably has further room to go, and 24.80 is the main upside target. The price of silver has now moved to USD $23.18 per oz. during US trading.