Gold Comment 19/05/09
9 day moving average - $920.92 14 day moving average - $912.21 40 day moving average - $902.52
Gold finished lower yesterday as the equity markets saw triple digits gains. It was the investors fleeing risk aversion trades and looking for better opportunities in stock or other currencies. In addition when the yellow metal could not maintain its recent upward momentum some long investors decided to book profits. Consequently gold lost 11.85 dollars to settle at $918.85 and crossing below the 9 day moving averages in the process.
The short term trend is sideways while the medium and long term trends are bullish.
Support: $918.85 (yesterday's low) Resistance: $940.70 (high of 25/03/09)
Support:$917.00 (low of 13/05/09) Resistance: $936.15 (high of 27/03/09)
Support:$911.25 (low of 12/05/09) Resistance: $933.60 (yesterday's high)
Silver Comment 19/05/09
9 day moving average - $13.952 14 day moving average - $13.603 40 day moving average - $12.981
Silver followed the gold down losing 12 cents to close at $13.810/oz. Technically as silver was unable to hold above the $14.00 level some sell stops were possibly triggered which added some extra downside pressure. The chart shows a breach below the 9 day moving average with the next support provided by the 14 day moving average.
The short and the medium term trends are sideways while the long term trend is bullish.
Support: $13.615 (yesterday's low) Resistance: $14.380 (high of 13/05/09)
Support:$13.603 (14 day moving average) Resistance: $14.090 (high of 14/05/09)
Support:$13.410 (low of 20/03/09) Resistance: $13.952 (9 day moving average)