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2 Aug 2013
Gold teetering on the brink of recent short term up trend
FXstreet.com (Barcelona) - Gold is currently trading at $1307 bids in the spot market, off recent fresh 9-day lows at $1305, hanging around latest support line and ascending trend line coming from June 28 almost 3-year lows at $1180, down -2.02% for the week so far.
Losing a -1.08% for the day at the NY close, Gold is sitting “on triangle support,” said analyst at ForexTrading.TV Laith Marmarchi, adding tomorrow's NFP “could break us out of the range.” Silver is last at $19.54 bids, still holding above the $19.50 mark, erasing less value than Gold, and thus leaving the gold:silver ratio a -0.32% lower by the NY close.
Oil in the other hand added more than +2% gains at the NY close for second consecutive day, mounting for a +3.16% gain for the week so far, aided on Wednesday's better than expected US GDP numbers.
Losing a -1.08% for the day at the NY close, Gold is sitting “on triangle support,” said analyst at ForexTrading.TV Laith Marmarchi, adding tomorrow's NFP “could break us out of the range.” Silver is last at $19.54 bids, still holding above the $19.50 mark, erasing less value than Gold, and thus leaving the gold:silver ratio a -0.32% lower by the NY close.
Oil in the other hand added more than +2% gains at the NY close for second consecutive day, mounting for a +3.16% gain for the week so far, aided on Wednesday's better than expected US GDP numbers.