Silver is riding on a firm downtrend which is against the preceding uptrend that developed from the 1993 low of $3.53 and ended at the April 11, 2008 high of $49.51, he said.
LONDON: Gold and silver are unlikely to exhibit its usual seasonal strength in the fourth quarter of 2013 and they could fall to June 28 low of $1180.71 an ounce and $18.19 an ounce respectively, according to Wang Tao, a Reuters market analyst.
Commodities as a whole could witness mixed trends with dollar index likely to recover. Energy, base metals and precious metals are set to weaken as per technical charts, he added.
Silver is riding on a firm downtrend which is against the preceding uptrend that developed from the 1993 low of $3.53 and ended at the April 11, 2008 high of $49.51, he said. Gold could fall to $1086 an ounce in three months if the $1200 support is breached. It is not yet clear whether therecent rebound in gold has ended as it failed to cross the limit of $1475/Oz, he added.
A rise above the Sept. 19 high of $1,374.54 may signal an extension of the rebound towards $1,475.
Market update
US Gold futures is now trading range bound at $1315-1300 range after hitting a recent high of $1353 an ounce. On Friday trade, prices have fallen slightly after closing at $1317 levels on Thursday while spot gold is trading at $1316 levels. The shut down of US Government has proved to be beneficial for gold even as it is not positive for metals and energy groups.
On Thursday trade, gold had gained support on jobless claims data, which had failed to rise as much as expected and weak US data is supportive of gold.
US Silver futures has fallen from a high of $22.97 to $21.64 on electronic trading on Friday.
courtesy of bullionstreet
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