Gold Comment 13/07/09

Gold

Gold Daily

9 day moving average - $921.95 14 day moving average - $926.80 40 day moving average - $941.81

Gold Report:

Gold finished $1.05 down at $912.15/oz, largely on the US dollar strengthening against a number of currencies combined with weakness in all metals and crude oil. Earlier in the year many analysts mentioned inflation expectations supporting gold but lately ideas that inflation might not kick in as quickly as previously thought undoubtedly hurt gold. Additionally the yellow metal was held back by worries about pending IMF gold sales.

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

Support: $906.65 (Friday'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: $915.30 (Friday's high)

Silver Comment 13/07/09

Silver

Silver Daily

9 day moving average - $13.099 14 day moving average - $13.390 40 day moving average - $14.305

Silver Report:

Silver fell to an intraday low of $12.51/oz its weakest level since May 4 th in a day when gold posted an ‘inside day' with the high and low engulfed by the previous day range. It can be seen that comparatively silver suffered more than gold in its role of industrial metal as the weaker economic outlook starts to make headlines again. Overall silver lost 21 cents to settle at $12.660/oz.

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

Support: $12.510 (Friday's low) Resistance: $13.150 (high of 08/07/09)

Support: $12.410 (low of 04/05/09) Resistance: $12.980 (high of 09/07/09)

Support: $12.390 (low of 29/04/09) Resistance: $12.910 (Friday's high)