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27 Aug 2013
Gold capped at 1420 resistance, break of which could target 1480
FXstreet.com (New York) - Precious metals surged again Tuesday, helped by mounting fears of US intervention in Syria.
Gold eyes upside
Gold extended the short-term bullish move, and approached the full upside target at 1420.00, and key resistance level, where we prefer to move to the sidelines and monitor how price reacts to this pivotal level, as a continuation of the move above 1420.00 may confirm a move towards 1480.00-1485.00. At the time of writing, gold prices are trading at USD $1419.49 per oz. Tuesday.
Silver bullishness intact
Silver maintained the bullish bias, trading in minor consolidation this morning, accordingly, our earlier scenario remains valid and favored. However, it is advices to execute cautiousness as price approaches the 24.80 resistance level. The price of silver has now moved to USD $24.49 per oz. during US trading.
Gold eyes upside
Gold extended the short-term bullish move, and approached the full upside target at 1420.00, and key resistance level, where we prefer to move to the sidelines and monitor how price reacts to this pivotal level, as a continuation of the move above 1420.00 may confirm a move towards 1480.00-1485.00. At the time of writing, gold prices are trading at USD $1419.49 per oz. Tuesday.
Silver bullishness intact
Silver maintained the bullish bias, trading in minor consolidation this morning, accordingly, our earlier scenario remains valid and favored. However, it is advices to execute cautiousness as price approaches the 24.80 resistance level. The price of silver has now moved to USD $24.49 per oz. during US trading.