Commodities: Gold, Silver

Spot Gold (NY Close): $1647.95 // -19.25 // -1.15%

Prices broke critical rising trend line support set from mid-May 2012. Sellers are now testing below that 38.2% Fibonacci expansion (1648.20), with a confirmed break exposing the 50% mark at 1633.06. The trend line – now at 1659.90 – has been recast as near-term resistance.

Commodities_Oil_and_Gold_Look_to_Fed_Commentary_for_Direction_Cues_body_Picture_4.png, Oil and Gold Look to Fed Commentary for Direction Cues

Daily Chart – Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $30.95 // -0.47 // -1.48%

Prices broke through support at 31.24, marked by the 23.6% Fibonacci expansion and the bottom of a rising channel set from late December. Sellers now target the 38.2% expansion (30.48), with a break below that aiming for the 50% Fib (29.87). The 31.24 level has been recast as near-term resistance.

Commodities_Oil_and_Gold_Look_to_Fed_Commentary_for_Direction_Cues_body_Picture_5.png, Oil and Gold Look to Fed Commentary for Direction Cues

Daily Chart – Created Using FXCM Marketscope 2.0

 

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About abwehra group

The Art&Science of Trading Gold
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