9 day moving average - $902.37
14 day moving average - $901.87
40 day moving average - $904.52
Initially gold moved down on Friday reaching an intraday low of $904.65/oz as higher equity markets and stronger than expected payrolls numbers prompted gold market participants to take profits. But later in the trading session the market become wary of selling gold too much because of the lower US dollar as inflation concerns are still looming. So overall gold finished slightly higher gaining 2.68 dollars to settle at $916.05/oz.
The short term trend is sideways while the medium and long term trends are bullish.
Support: $904.65 (Friday's low) Resistance: $933.20 (high of 01/04/09)
Support: $895.30 (low of 06/05/09) Resistance: $929.12 (high of 02/04/09)
Support: $884.05 (low of 04/05/09) Resistance: $920.05 (Friday's high)
Silver Comment 11/05/09
9 day moving average - $13.263
14 day moving average - $13.049
40 day moving average - $12.888
Silver continued to move higher toying again with the $14.00 level. The white metal outpaced gold once more as non farm payrolls numbers fell less than Wall Street expectations fuelling speculation that global demand could start to recover sooner than initially thought. The rally which started at around $12.500 saw 6 days in a row of consistent gains and looks set to retest the $14.00 mark.
The short term trend is sideways while medium and long term trends are bullish.
Support: $13.780 (Friday's low) Resistance: $14.610 (high of 20/02/09)
Support: $13.590 (low of 23/03/09) Resistance: $14.400 (high of 19/02/09)
Support: $13.410 (low of 20/03/09) Resistance: $14.050 (Friday's high)