Gold Comment 13/08/09

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9 day moving average - $954.41 14 day moving average - $949.94 40 day moving average - $938.63

Gold Report:

Gold finished slightly higher on support from a weaker US dollar and higher equity markets but trading was subdued as participants were closely watching the language of the Federal Reserve's interest rate statement. Some analysts also pointed that trading was choppy because the precious metal is in a seasonally slow period. Since there weren't any surprises from the FOMC decision investors exited gold as the greenback moved up from the daily lows. Overall gold closed $2.60 up at $949.20.

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

Support: $939.78 (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: $952.20 (yesterday's high)

Silver Comment 13/08/09

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9 day moving average - $14.493 14 day moving average - $14.203 40 day moving average - $13.741

Silver Report:

Silver moved higher surpassing gold in percentage terms on the back of the same higher stock market combined with a weaker dollar. However trading was choppy ahead of the FOMC's interest rate decision but later on silver managed to keep most of the gains for the day. After an initial slip below the 14 day moving average at $14.153 silver rebounded sharply closing at $14.550/oz, 23 cents up for the day.

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

Support: $14.110 (yesterday's low) Resistance: $14.890 (high of 07/08/09)

Support:$14.010 (low of 04/08/09) Resistance: $14.700 (high of 10/08/09)

Support:$13.870 (low of 03/08/09) Resistance: $14.608 (yesterday's high)