Gold Comment 14/08/09

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9 day moving average - $955.43 14 day moving average - $950.72 40 day moving average - $939.41

Gold Report:

Continued support from a weaker US currency pushed gold $8.08 higher yesterday to finish at $957.15/oz. Reacting to the economic data, notably the US retail sales which fell 0.1% in July compared with market expectations for an increase of 0.8%, attracted safe haven buying and also brought to attention the risk of inflation from commodities. Consequently gold's rally was accentuated as the yellow metal is seen as currency hedge often bought in times of dollar weakness.

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

Support: $948.10 (yesterday's low) Resistance: $971.75 (high of 06/08/09)
Support:$939.78 (low of 12/08/09) Resistance: $965.45 (high of 07/08/09)
Support:$931.65 (low of 31/07/09) Resistance: $960.52 (yesterday's high)

Silver Comment 14/08/09

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9 day moving average - $14.634 14 day moving average - $14.311 40 day moving average - $13.775

Silver Report:

Like gold, silver closed sharply higher on support from a weaker greenback and also boosted by a rally in copper. Unexpectedly bullish data from Germany and France fuelled speculation two of biggest economies of the euro zone area might be pulling out of recession with growth for the second quarter. As a result of newly improved market sentiment silver outpaced gold in percentage terms again, settling 53 cents higher at $15.070/oz.

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

Support: $14.510 (yesterday's low) Resistance: $15.532 (high of 11/06/09)
Support:$14.480 (low of 07/08/09) Resistance: $15.342 (high of 09/06/09)
Support:$14.400 (low of 06/08/09) Resistance: $15.130 (yesterday's high)