9 day moving average - $894.63 14 day moving average - $889.87 40 day moving average - $905.60
A higher US dollar and equities performing well in early trading were largely the main drivers behind the decline in gold. Additional pressure was also coming from speculation about International Monetary Fund gold sales but toward the close the yellow metal managed to trim some of its losses as stock markets moved into negative territory. Overall gold lost $8.08 to finish at $886.22/oz breaching below the short term moving averages in the process. With equities rising recently it seems that gold is starting to lose its safe haven appeal.
The short term trend is sideways while the medium and long term trends are bullish.
Support: $880.00 (yesterday's low) Resistance: $922.77 (high of 04/03/09)
Support:$871.50 (low of 16/04/09) Resistance: $918.50 (high of 27/04/09)
Support:$864.25 (low of 20/04/09) Resistance: $899.97 (yesterday's high)
Silver Comment 01/05/09
9 day moving average - $12.527 14 day moving average - $12.453 40 day moving average - $12.772
Silver moved sharply lower under pressure from a higher US currency and the stock market continuing its advance for most of the day. Although it recouped part of its losses in late trading following a turnaround in equities silver was down more than gold in percentage terms possibly on technical selling with some stops being triggered. So silver fell 31 cents to settle at $12.350/oz breaking below the 9 and 14 day moving averages.
The short term trend is sideways while medium and long term trends are bullish.
Support: $12.180 (yesterday's low) Resistance: $13.010 (high of 03/04/09)
Support:$12.110 (low of 09/04/09) Resistance: $12.940 (high of 28/04/09)
Support:$11.980 (low of 22/04/09) Resistance: $12.810 (yesterday's high)