Gold Comment 11/08/09
9 day moving average - $953.21 14 day moving average - $949.98 40 day moving average - $938.01
Yesterday's trading session in gold finished with another steep decline as a result of a slightly firmer US dollar. The precious metal fell through $950 level, crossing below the 9 and 14 day moving averages with the downward movement being accentuated after hitting some stops. However gold held above the $943 support which could be the next downside target and if it breaks that level the market expects a trip back towards $920. All in all gold closed at $944.28/oz down $9.52 for the day.
The short and long term trends are bullish while the medium term trend is sideways.
Support: $942.05 (yesterday's low) Resistance: $971.75 (high of 06/08/09)
Support:$936.37 (low of 20/07/09) Resistance: $965.45 (high of 07/08/09)
Support:$931.65 (low of 31/07/09) Resistance: $956.90 (yesterday's high)
Silver Comment 11/08/09
9 day moving average - $14.303 14 day moving average - $14.098 40 day moving average - $13.730
The rebound in the US currency continued yesterday and this time proved enough to push silver prices down with gold in a day when copper the industry's bellwether was also hit by profit taking. However, despite losing 26 cents to settle at $14.330/oz silver found good support in the 9 day moving average. So the white metal is likely to keep on tracking gold albeit a bigger volatility.
The short and long term trends are bullish while the medium term trend is sideways.Support: $14.278 (yesterday's low) Resistance: $15.035 (high of 06/08/09)
Support:$14.120 (low of 19/06/09) Resistance: $14.890 (high of 07/08/09)
Support:$14.010 (low of 04/08/09) Resistance: $14.700 (yesterday's high)