Gold and Silver Comment 12/08/09

By @ibtimes on

Gold  Comment 12/08/09

9 day moving average - $954.67 14 day moving average - $949.86 40 day moving average - $938.17

Gold Report:

Initially gold went higher with crude oil but the trading session was quiet ahead of Wednesday's FOMC announcement on interest rates. Widely expected, gold market participants decided not to get involved too much, watching closely the US dollar reaction on any hints on interest rates decision, future money supply which are likely to remain the key price drivers for the week. Overall gold settled $2.05 up at $946.70/oz, again closing below the short term moving averages.

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

Support: $941.45 (yesterday's low) Resistance: $965.45 (high of 07/08/09)

Support:$936.37 (low of 20/07/09) Resistance: $956.90 (high of 10/08/09)

Support:$931.65 (low of 31/07/09) Resistance: $949.77 (yesterday's high)

Silver Comment 12/08/09

9 day moving average - $14.393 14 day moving average - $14.136 40 day moving average - $13.727

Silver Report:

In line with gold, silver ended the session near flat as investors moved away from aggressive trading ahead of today's FOMC decision on interest rates. Technically the white metal managed to close above the 9 day moving average and seems to be in a consolidative phase. Overall silver rose 1 cent to settle at $14.340/oz.

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

Support: $14.230 (yesterday's low) Resistance: $14.890 (high of 07/08/09)

Support:$14.120 (low of 19/06/09) Resistance: $14.700 (high of 10/08/09)

Support:$14.010 (low of 04/08/09) Resistance: $14.490 (yesterday's high)

Join the Discussion