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3 Apr 2013
Precious metals resume the selling off
FXstreet.com (Barcelona) - Gold has continued the downside move trading last at $1568 in the spot market, off recent fresh 3-week lows at $1563, down -1.81% for the week so far, while Silver is still barely holding above the $27 handle, fresh 7-month lows. According to 2ndSkiesForex founder Chris Capre, for Silver: “Next up is $26.50 and $26.21 which are just above the 2012 lows, thus threatening a serious downside move and the bulls likely parked there,” the analyst notes, adding: “Any corrective rallies towards $27.87 can be used for potential sell signals to rejoin the trend.”
For Gregory McKenna, GlobalFX CEO and former Head of Currency Strategy at the NAB and Westpac, Gold's “Support is $1,570 and a break of this level would open up a further $20 fall – we also respect trendlines unless or until they break,” he notes, adding: “Silver is gone – $26.15 support and if that breaks its down toward $22.70,” he points out.
For Gregory McKenna, GlobalFX CEO and former Head of Currency Strategy at the NAB and Westpac, Gold's “Support is $1,570 and a break of this level would open up a further $20 fall – we also respect trendlines unless or until they break,” he notes, adding: “Silver is gone – $26.15 support and if that breaks its down toward $22.70,” he points out.