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8 Jul 2013
Oil above $103; Gold capped below $1230
FXstreet.com (Barcelona) - While Gold is currently about flat around $1224 for the session being off recent session highs at $1232, Oil is breaking higher above current mid term descending trend line.
Oil is last at fresh 1-year highs shy of the $104 mark amid tensions in Egypt and middle East, adding +12% gains since late June. Silver in the other hand broke lower last Friday, now sitting barely below the $19 mark.
About Gold, “Although this recent structure is more compact (possible hinting at slowing down), we still prefer selling into rotations towards 1268 and 1318,” said 2ndskies founder Chris Capre, adding: “Watch intraday price action 4hr/1hr charts for signals off 1268 targeting 1220 and 1180. A break below the 1180 puts 1160 into perspective as we could easily see more unwinding."
Oil is last at fresh 1-year highs shy of the $104 mark amid tensions in Egypt and middle East, adding +12% gains since late June. Silver in the other hand broke lower last Friday, now sitting barely below the $19 mark.
About Gold, “Although this recent structure is more compact (possible hinting at slowing down), we still prefer selling into rotations towards 1268 and 1318,” said 2ndskies founder Chris Capre, adding: “Watch intraday price action 4hr/1hr charts for signals off 1268 targeting 1220 and 1180. A break below the 1180 puts 1160 into perspective as we could easily see more unwinding."