Gold Comment 30/06/09  

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9 day moving average - $933.76 14 day moving average - $936.00 40 day moving average - $941.65

Gold Report:

Gold moved lower in early trading on the back of a slightly stronger US dollar but late in the day as the greenback gave back its gains the yellow metal managed to recover to near steady levels. As a result gold finished a mere 70 cents up at $939.00/oz.It seems the potentially bearish news such as Congress signing off earlier this month on IMF gold sales were easily shrugged off by the market probably being offset by a dropping mine supply.

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

Support: $933.50 (yesterday'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: $942.75 (yesterday's high)

Silver Comment 30/06/09

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9 day moving average - $13.998 14 day moving average - $14.204 40 day moving average - $14.500

Silver Report:

Silver was in negative territory for most of the day due to a modestly higher US currency but slipped more than gold largely on technical considerations. Particularly some sell stops appeared to be triggered as silver dropped below the $14.000/oz level. The white metal bounced from its intraday low of $13.830/oz but still settled with a loss of 17 cents at $13.890/oz.

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

Support: $13.830 (yesterday's low) Resistance: $14.380 (high of 19/06/09)

Support:$13.790 (low of 25/06/09) Resistance: $14.323 (high of 26/06/09)

Support:$13.600 (low of 23/06/09) Resistance: $14.147 (yesterday's high)