Gold allays bearishness, sails over 1300.00, silver shatters resistance at 20.15 (New York) - Precious metals are holding their robust gains from yesterday, refusing to budge off of earlier highs.

Gold cancels bearishness

The price of gold continued edging higher Friday morning, refusing to relinquish any of yesterday’s gains during Asian trading. Following an earlier cancellation of the bearish scenario with prices breaking through the 1300-1308 resistance, the overall outlook shifts to neutral in the near-term, awaiting for stability above the 1300.00 level. At the time of writing, gold prices are trading at USD $1312.80 per oz. Friday.

Silver surges to fresh highs

Silver spot prices were granted a welcome boost with the strong gains above the 20.00 resistance/upside barrier that allayed previous bearishness. Having broken out of a consolidation that was sandwiched by the aforementioned level and the 19.25 support, silver now looks to maintain a neutral path until the white metal has stabilized above 20.00. The price of silver has now moved to USD $20.26 per oz. during Asian trading.

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