Gold Comment 10/07/09

Gold

Gold Daily

9 day moving average - $924.06 14 day moving average - $927.87 40 day moving average - $942.03

Gold Report:

Following the heavy sell off on Wednesday gold has bounced yesterday on bargain hunting with the market participants now viewing the precious metal as oversold. The rebound was supported by a weaker US dollar but crude oil retreating from early advances also held gold back. Overall the precious metal gained $5.95 to settle at $913.60/oz in an 'inside day' trading pattern.

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

Support: $905.60 (yesterday's low) Resistance: $932.10 (high of 07/07/09)

Support: $895.30 (low of 06/05/09) Resistance: $925.65 (high of 08/07/09)

Support: $889.45 (low of 23/04/09) Resistance: $918.70 (yesterday's high)

Silver Comment 10/07/09

Silver

Silver Daily

9 day moving average - $13.238 14 day moving average - $13.495 40 day moving average - $14.340

Silver Report:

Silver moved higher with gold boosted by bargain hunters as investors decided to buy back previously sold positions. The white metal's prices usually track those of gold as both are bought for similar reasons and that often translates into similar trading displays. As a result silver had an 'inside day' of its own closing 2 cents up at $12.850/oz.

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

Support: $12.750 (yesterday's low) Resistance: $13.380 (high of 07/07/09)

Support: $12.675 (low of 24/04/09) Resistance: $13.150 (high of 08/07/09)

Support: $12.550 (low of 14/04/09) Resistance: $12.980 (yesterday's high)