Gold Comment 24/06/09

9 day moving average - $931.15 14 day moving average - $939.67 40 day moving average - $936.79

Gold Report:

Gold managed to recover some of Monday's heavy decline on a weaker US dollar and intraday rise in crude oil price. The yellow metal gained $3.12 to settle at $924.80/oz but only after falling to a 6 week low in early trading. However, the investment demand seems to be on a downward path suggested by the data on the holdings of exchange traded funds showing small withdrawals following a period of 12 straight days within the same levels.

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

Support: $912.70 (yesterday's low) Resistance: $939.10 (high of 19/06/09)

Support:$904.65 (low of 08/05/09) Resistance: $935.00 (high of 22/06/09)

Support:$895.30 (low of 06/05/09) Resistance: $926.99 (yesterday's high)

Silver Comment 24/06/09

9 day moving average - $14.158 14 day moving average - $14.535 40 day moving average - $14.380

Silver Report:

Silver closed higher with gold on the back of further weakening in the US dollar after initially dropping to an intraday low of $13.600/oz last seen on May 6 th . Although silver has clearly outperformed gold this year, the leadership is provided by gold. So the white metal advanced 13 cents to finish at $13.882/oz with the chart now showing a cross between the 9 and 40 days moving averages.

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

Support: $13.600 (yesterday's low) Resistance: $14.220 (high of 22/06/09)

Support:$13.410 (low of 20/03/09) Resistance: $14.072 (high of 18/05/09)

Support:$13.250 (low of 06/03/09) Resistance: $13.940 (yesterday's high)