Gold  Comment 21/08/09

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9 day moving average - $944.36 14 day moving average - $949.21 40 day moving average - $940.26

Gold Report:

Gold fell to its session low reaching $936.95/oz after a weaker than expected report for US initial jobs claims and remained on the defensive throughout the day. It seems that investors are still assessing what to expect from the economic recovery and for the moment are not willing to take positions on either side. So gold finished $4.45 lower in a rather narrow range with the market awaiting further developments before making the next move.

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

Support: $936.95 (yesterday's low) Resistance: $952.20 (high of 12/08/09)

Support:$931.70 (low of 19/08/09) Resistance: $948.10 (high of 17/08/09)

Support:$929.85 (low of 17/08/09) Resistance: $945.65 (yesterday's high)

Silver Comment 21/08/09

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9 day moving average - $14.268 14 day moving average - $14.366 40 day moving average - $13.769

Silver Report:

Silver finished lower posting an inside day session in which the high and low were engulfed by the previous day's trading range. The bounce off of the low on Wednesday showed the bears unprepared to push silver further down and this time the 40 day moving average was a good support level. Overall silver dropped 14 cents to settle at $13.880/oz.

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

Support: $13.780 (yesterday's low) Resistance: $14.490 (high of 11/08/09)

Support:$13.488 (low of 19/08/09) Resistance: $14.225 (high of 18/08/09)

Support:$13.370 (low of 31/07/09) Resistance: $14.070 (yesterday's high)