Gold and Silver Comment 29/06/09

 @ibtimes
on June 29 2009 9:00 AM

Gold Comment 29/06/09

 

9 day moving average - $933.41 14 day moving average - $936.67 40 day moving average - $940.49

Gold Report:

Initially gold moved higher boosted by a weaker US dollar partly in response to comments from the People's Bank of China saying it will push for reforms of the international currency system and reduce over reliance on the dollar. This in turn was well received by the gold traders after China also mentioned that gold could be a better alternative. Nevertheless the yellow metal backed down towards the closing on profit taking ahead of week end settling at $938.05/oz down $1.05 for the day.

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

Support: $935.80 (Friday's low) Resistance: $961.87 (high of 11/06/09)

Support:$929.25 (low of 25/06/09) Resistance: $958.20 (high of 12/06/09)

Support:$912.70 (low of 23/06/09) Resistance: $948.22 (Friday's high)

Silver Comment 29/06/09

9 day moving average - $14.046 14 day moving average - $14.295 40 day moving average - $14.485

Silver Report:

Silver moved higher with gold in early trading as dipping below the $14.00 level proved to be a strong incentive for bargain hunters. However the rebound was short lived as many traders were cashing in not only ahead of week end but prior to a short trading week ahead of the Fourth of July. So consequently silver closed marginally lower at $14.070/oz.

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

Support: $14.040 (Friday's low) Resistance: $14.550 (high of 21/05/09)

Support:$13.790 (low of 25/06/09) Resistance: $14.380 (high of 19/06/09)

Support:$13.600 (low of 23/06/09) Resistance: $14.323 (Friday's high)

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