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5 Jun 2013
Commodities Brief: Precious metals continue range bound behavior
FXstreet.com (Barcelona) - The precious metals markets traded in a narrow range, giving back most of yesterday’s gains but keeping within the trading range which has been established on the daily chart. Gold finished down 0.85% to close at 1399, while silver lost 0.88% to close at 22.48.
From a technical perspective, the daily charts remain very range bound as neither side can seem to find enough momentum to produce substantial follow through. Both short term moving averages on gold and silver daily charts remain slightly bearish, but thus far downside follow through has not been seen. The RSI (14) also remains in bearish set up for both of the precious metals, maintaining the range between 20 and 60.
Initial resistance in gold sits at 1420 (high or recent range), followed by 1440 (previous support, now resistance). First support sits at 1388 (low of recent day), followed by 1370. First resistance in silver sits at 23.00, followed by 23.40 (previous support, now resistance). Initial support sits at 22.00 (low of recent range.
From a technical perspective, the daily charts remain very range bound as neither side can seem to find enough momentum to produce substantial follow through. Both short term moving averages on gold and silver daily charts remain slightly bearish, but thus far downside follow through has not been seen. The RSI (14) also remains in bearish set up for both of the precious metals, maintaining the range between 20 and 60.
Initial resistance in gold sits at 1420 (high or recent range), followed by 1440 (previous support, now resistance). First support sits at 1388 (low of recent day), followed by 1370. First resistance in silver sits at 23.00, followed by 23.40 (previous support, now resistance). Initial support sits at 22.00 (low of recent range.