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28 Aug 2013
Precious metals retreat off highs, silver maintains bullish course
FXstreet.com (New York) - Precious metals fell off their highs during US trading, as Syria remains on the minds of all and action is mulled by the UN.
Gold capped by resistance
Examining the hourly chart, gold prices have found heavy resistance at the top of the main rising channel at the 1430 region, thereby forming a bearish shooting star candle over the hourly time interval. As such, a minor downside correction has thus far been witnessed Wednesday, though the bearish divergence on RSI also supports the intraday weakness. At the time of writing, gold prices are trading at USD $1420.19 per oz. Wednesday.
Silver bullish pattern sustained
Silver tested the key resistance area among 24.80-25.00 earlier today, before a staunch easing transpired. Examining the four-hour chart, the white metal looks hesitant at this juncture, as it was rejected forming a candle with long upper shadow. Meanwhile RSI is showing a strong bearish divergence. However, despite the intraday correction, the overall short-term bullish trend remains intact. The price of silver has now moved to USD $24.38 per oz. during US trading.
Gold capped by resistance
Examining the hourly chart, gold prices have found heavy resistance at the top of the main rising channel at the 1430 region, thereby forming a bearish shooting star candle over the hourly time interval. As such, a minor downside correction has thus far been witnessed Wednesday, though the bearish divergence on RSI also supports the intraday weakness. At the time of writing, gold prices are trading at USD $1420.19 per oz. Wednesday.
Silver bullish pattern sustained
Silver tested the key resistance area among 24.80-25.00 earlier today, before a staunch easing transpired. Examining the four-hour chart, the white metal looks hesitant at this juncture, as it was rejected forming a candle with long upper shadow. Meanwhile RSI is showing a strong bearish divergence. However, despite the intraday correction, the overall short-term bullish trend remains intact. The price of silver has now moved to USD $24.38 per oz. during US trading.