Gold Comment 10/06/09

9 day moving average - $966.90 14 day moving average - $962.34 40 day moving average - $926.14

Gold Report:

Helped by the widely debated re emergence of some weakness in the US dollar, gold finished modestly higher yesterday gaining $1.95 to settle at $955.75/oz. Initially some physical buying added support to the yellow metal but towards closing time the advance was limited as gold ran into technical oriented selling. The reason for that was the violation of a longer term uptrend following the pullback in recent days.

The short and long term trends are bullish while medium term trend is sideways.

Support: $946.80 (yesterday's low) Resistance: $982.80 (high of 04/05/09)

Support:$935.55 (low of 21/05/09) Resistance: $966.90 (9 day moving average)

Support:$924.75 (low of 20/05/09) Resistance: $961.80 (yesterday's high)

Silver Comment 10/06/09

9 day moving average - $15.462 14 day moving average - $15.205 40 day moving average - $13.915

Silver Report:

We mentioned in yesterday's report that a condition for further decline in silver was the continuation of the US dollar's rebound. But with the greenback weakening again versus the Euro it was no surprise to see silver recovering along with the base metals as markets still take an optimistic view on the global economic outlook. Technically silver finished 24 cents higher at $15.220/oz crossing back above the 14 day moving average.

The short and long term trends are bullish while medium term trend is sideways.

Support: $14.760 (yesterday's low) Resistance: $15.950 (high of 04/06/09)

Support:$14.620 (low of 28/05/09) Resistance: $15.760 (high of 29/05/09)

Support:$14.540 (low of 25/05/09) Resistance: $15.342 (yesterday's high)