Gold Comment 09/06/09
9 day moving average - $966.24 14 day moving average - $961.40 40 day moving average - $924.27
Gold remained on the defensive for the second trading day in a row as the US dollar continued to appreciate against the Euro supported by global equity markets weakness, general risk aversion and a downgrade to Standard & Poor's credit rating for Ireland . There were long liquidation and sell stops triggered with the downward move possibly accentuated by reports of a slight decline in physical holdings of gold ETFs. Although towards the close the yellow metal managed to regain some of the losses, it settled $1.47 lower at $953.83/oz.
The short and long term trends are bullish while medium term trend is sideways.
Support: $942.85 (yesterday's low) Resistance: $982.80 (high of 04/05/09)
Support:$935.55 (low of 21/05/09) Resistance: $966.24 (9 day moving average)
Support:$924.75 (low of 20/05/09) Resistance: $959.70 (yesterday's high)
Silver Comment 09/06/09
9 day moving average - $15.411 14 day moving average - $15.123 40 day moving average - $13.843
In reaction to a strong US dollar, silver along with other precious metals tumbled sharply falling even more than gold on a relative basis possibly because it's been running up faster lately. During a commodities sell off last year silver declined much more than gold so in the recent weeks the white metal gained more rapidly in a move described by some analysts as a catch up. Overall silver lost 24 cents yesterday closing at $15.00/oz and like gold could dip further if the recent bounce in the greenback continues.
The short and long term trends are bullish while medium term trend is sideways
Support: $14.710 (yesterday's low) Resistance: $15.950 (high of 04/06/09)
Support:$14.620 (low of 28/05/09) Resistance: $15.760 (high of 29/05/09)
Support:$14.540 (low of 25/05/09) Resistance: $15.460 (yesterday's high)