Gold  Comment 10/08/09

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9 day moving average - $955.24 14 day moving average - $951.28 40 day moving average - $938.46

Gold Report:

Gold fell sharply on Friday in response to a stronger US dollar after a better than forecasted jobs report fuelled renewed optimism about the state of the economy. Nevertheless this strength in the greenback is widely seen as temporary and combined with increased volatility for gold due to thin volumes point to a choppy environment for gold players in the short term. Overall gold lost $8.55 to finish at $953.90/oz.

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

Support: $952.85 (Friday's low) Resistance: $971.75 (high of 06/08/09)

Support:$950.79 (low of 04/08/09) Resistance: $970.20 (high of 04/08/09)

Support:$945.95 (low of 23/07/09) Resistance: $965.45 (Friday's high)

Silver Comment 10/08/09

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9 day moving average - $14.218 14 day moving average - $14.068 40 day moving average - $13.732

Silver Report:

True to its recent trend of outperforming gold, silver finished slightly higher closing 2 cents up at $14.590/oz on a day when the monthly US jobs report showed a surprise downtick in the unemployment rate. Silver was up compared to a decline in gold because it's more of an industrial metal with more application purposes. So any sign the recovery might not be as bad as previously thought is likely to be a catalyst for investing in silver over gold.

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

Support: $14.480 (Friday's low) Resistance: $15.260 (high of 28/05/09)

Support:$14.400 (low of 06/08/09) Resistance: $15.035 (high of 06/08/09)

Support:$14.120 (low of 19/06/09) Resistance: $14.890 (Friday's high)