Gold Comment 15/05/09
9 day moving average - $916.89 14 day moving average - $907.98 40 day moving average - $903.19
After a quiet trading day gold finished slightly higher gaining $1.08 for the day to settle at $925.60/oz. The yellow metal's high and low were within the previous session range (Inside Day) which technically suggests rather consolidation. Some support came from producer prices showing higher than expected numbers and pushing gold mildly on inflation expectations but the next direction is likely to be influenced mainly by the US dollar moves.
The short term trend is sideways while the medium and long term trends are bullish.
Support: $919.95 (yesterday's low) Resistance: $936.15 (high of 27/03/09)
Support:$911.25 (low of 12/05/09) Resistance: $933.20 (high of 01/04/09)
Support:$895.30 (low of 06/05/09) Resistance: $928.60 (yesterday's high)
Silver Comment 15/05/09
9 day moving average - $13.890 14 day moving average - $13.428 40 day moving average - $12.970
Silver followed gold slightly higher during a quiet session on the back of a weaker US dollar with additional support coming from inflationary producer prices data. Both precious metals usually trade in the same direction as they are safe havens or alternative currencies. Overall silver moved 9 cents up to finish at $14.030/oz after a brief cross below the 9 day moving average.
The short term trend is bullish, the medium trend is sideways and the long term trend is bullish.
Support: $13.710 (yesterday's low) Resistance: $14.400 (high of 19/02/09)
Support:$13.670 (low of 11/05/09) Resistance: $14.145 (high of 07/05/09)
Support:$13.590 (low of 23/03/09) Resistance: $14.090 (yesterday's high)