Gold Comment 29/07/09
9 day moving average - $945.84 14 day moving average - $ 938.81 40 day moving average - $937.61
Followinga6 dayrallyspot Gold finally headed south breaking the 9 day moving average loosing some $14 to close down $939.10, this was the biggest fall in almost 3 weeksfor the preceous metal.The dollar appears to be the main source driving Gold at present. physical investment and ETF flows appear quiet. Goldand the Greenback have moved inversely over the past three months, resuming a pattern in five of the past seven years or so. The greenbackgained against the euro yesterday, partly on revived demand for the safety of the world's main reserve currency. Despite Silvers recent attempt to continue to advance over the past few day's the white metal too eventually fell victim of trend reversehal for precious metalsand was dragged lower with Gold.
The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.
Support: $931.45 (low of 17/07/09)Resistance: $946.60 (high of01/07/09)
Support:$929.35(low of03/07/09) Resistance: $944.90 (high of30/06/09)
Support:$927.30 (low of01/07/09)Resistance: $942.10(high of15/07/09)
Silver Chart 29/07/09
9 day moving average - $13.676 14 day moving average - $13.2433 40 day moving average - $13.893
Silver The short term trend is bearish , the medium term trend is sideways while the long term trend is bullish.
Support: $13.458(low of30/06/09)Resistance: $13.940 ( high of23/06/09)
Support:$13.440 (low of21/07/09) Resistance: $13.870(high of23/07/09)
Support:$13.360(low of03/07/09) Resistance: $13.800 (high of 02/07/09)