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Gold steadies above 1400 despite fall, silver breaches 24.00

FXstreet.com (New York) – Precious metals fell continued their retreat off earlier weekly highs, as staunch resistance has given way into outright bearish retracements.

Gold witnesses bearish shooting star

Gold prices have observed a bearish shooting star candle, seen on the daily chart, as the price completed a minor head and shoulders top at the top of the main ascending channel. Accordingly, the downside correctional scenario remains valid though stability back above 1430.00 may weaken the suggested scenario. At the time of writing, gold prices are trading at USD $1406.19 per oz. Thursday.

Silver bearish scenario favored

Silver broke below the ascending support earlier …read more