Gold Comment 23/07/09
9 day moving average - $939.58 14 day moving average - $ 931.32 40 day moving average - $940 .77
Spot gold gained again yesterday reaching an intraday high $954.70 a troy ounce. Rising commodity prices are raising inflationary concerns, which is likely to support gold along with further weakness in the Greenback exacerbating the squeeze, closining for a second day above $950 as the dollar traded near a seven weak low against the euro. The yellow metal appears to be struggling to push on through strong resistance around the $955 level and any failure to do so could easily see a retracement back to around $930, a break and hold above $955 would see the next upside target around $980 .
. The short term trend is bullish, the medium term trend is sideways while the long term trend is bullish.
Support: $946.63 (low of 10/06/09) Resistance: $961.42 (high of 22/05/09)
Support: $944.44 (low of 22/07/09) Resistance: $958.20 (high of 12/06/09)
Support: $940.60 (low of 26/05/09) Resistance: $955.10 (high of 20/07/09)
Silver Chart 23/07/09
9 day moving average - $13.365 14 day moving average - $13.214 40 day moving average - $14.081
Silver The short term trend is bullish, the medium term trend is sideways while the long term trend is bullish.
Support: $ 13.600 (low of 23/06/09) Resistance: $14.072 (high of 18/05/09)
Support: $ 13.570 (low of 01/07/09) Resistance: $13.940 (high of 23/06/09)
Support: $ 13.458 (low of 30/06/09) Resistance: $13.868 (high of 0 1/07/09)