9 day moving average - $895.42 14 day moving average - $891.18 40 day moving average - $907.16
Gold moved higher yesterday on the back of a weaker US dollar and strengthening in crude oil gaining $3.71 to settle at $894.31/oz. Despite a bigger than expected decline in US gross domestic product the markets focused rather on gains in consumer spending. So the flight to quality buying in gold was limited as strengthening equity markets capped the gains. Consequently the yellow metal didn't increase as much as other commodities with money going into oil instead.
The short term trend is sideways while the medium and long term trends are bullish.
Support: $887.10 (yesterday's low) Resistance: $922.77 (high of 04/03/09)
Support:$871.50 (low of 16/04/09) Resistance: $918.50 (high of 27/04/09)
Support:$864.25 (low of 20/04/09) Resistance: $903.00 (yesterday's high)
Silver Comment 30/04/09
9 day moving average - $12.806 14 day moving average - $12.508 40 day moving average - $12.535
Silver rose with gold as the US dollar weakened and consumer spending report showed an increase. The economic data helped silver outperform gold fuelling speculation of a faster recovery in global demand and as we mentioned before the white metal is far more widely used in industry. The chart shows a 25 cents gain enough to see silver breaking back above the short term M.A. but finding resistance at the 40 days moving average.
The short term trend is sideways while medium and long term trends are bullish.
Support: $12.390 (yesterday's low) Resistance: $13.010 (high of 03/04/09)
Support:$12.169 (low of 08/04/09) Resistance: $12.940 (high of 28/04/09)
Support:$12.110 (low of 09/04/09) Resistance: $12.820 (yesterday's high)