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16 Aug 2013
Precious metals soar to fresh heights, gold targets 1420 level
FXstreet.com (New York) - Precious metals continued to ink fresh highs Friday afternoon during US trading, soaring above key resistances.
After retesting the 1317 support level yesterday, gold prices rebounded sharply breaking above the 1345 and 1365 resistances Friday, confirming further upside. In light of this recent performance, the break above the 1365 level suggests a move that might continue to grind higher within the next week, eying the 1420 resistance level. At the time of writing, gold prices are trading at $1378.21 per oz.
Silver jumped above 22.00 resistance level yesterday, invalidating the bearish correctional scenario, and extending the strong bullish rally. The recent strength above 23.00 confirms a potential short-term bullish reversal. The price also broke through the 23.10 resistance, a break above which clears the way towards the major resistance area around 24.50-24.80. In these moments the price of silver is trading at $23.38 in these moments.
After retesting the 1317 support level yesterday, gold prices rebounded sharply breaking above the 1345 and 1365 resistances Friday, confirming further upside. In light of this recent performance, the break above the 1365 level suggests a move that might continue to grind higher within the next week, eying the 1420 resistance level. At the time of writing, gold prices are trading at $1378.21 per oz.
Silver jumped above 22.00 resistance level yesterday, invalidating the bearish correctional scenario, and extending the strong bullish rally. The recent strength above 23.00 confirms a potential short-term bullish reversal. The price also broke through the 23.10 resistance, a break above which clears the way towards the major resistance area around 24.50-24.80. In these moments the price of silver is trading at $23.38 in these moments.