Gold Comment 18/06/09

9 day moving average - $944.71 14 day moving average - $954.17 40 day moving average - $934.40

Gold Report:

Gold started lower yesterday on more long liquidation as reaction to the inflation data continued to limit upside potential. However a weaker US dollar combined with crude oil recovering from early losses brought strong support to gold market with investors looking to buy the dips. As a consequence gold finished $6.93 higher at $940.80/oz moving convincingly above the 40 day moving average.

The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $927.58 (yesterday's low) Resistance: $961.87 (high of 11/06/09)

Support:$919.95 (low of 14/05/09) Resistance: $956.02 (high of 21/05/09)

Support:$914.93 (low of 18/05/09) Resistance: $943.15 (yesterday's high)

Silver Comment 18/06/09

9 day moving average - $14.744 14 day moving average - $15.048 40 day moving average - $14.262

Silver Report:

Silver settled higher largely on the back of a late session rebound in gold coupled with a softer US currency. After the recent pullback, it seems that some of the heavy selling in silver is starting to dry up but the driver was light bargain hunting rather than a firm physical buying. So after a lower early session clawing its way back was no easy affair but silver managed to close 23 cents higher at $14.377/oz.

The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $13.930 (yesterday's low) Resistance: $14.830 (high of 22/05/09)

Support:$13.830 (low of 12/05/09) Resistance: $14.550 (high of 21/05/09)

Support:$13.710 (low of 14/05/09) Resistance: $14.400 (yesterday's high)