Gold Comment 26/05/09

9 day moving average - $939.75 14 day moving average - $932.16 40 day moving average - $905.80

Gold Report:

Markets in the US and UK were shut yesterday for national holidays limiting the usual guidance for gold trading. So the yellow metal held steady supported especially by the news of North Korea conducting a second nuclear test although investors' rush to safe havens was limited. Before the nuclear test news, gold trended lower possibly due to some profit taking. Overall gold finished 1 dollar down closing at $956.05/oz.

The short and long term trends are bullish while medium term trend is sideways.

Support: $951.60 (yesterday's low) Resistance: $967.00 (high of 20/03/09)

Support: $946.05 (low of 20/03/09) Resistance: $962.50 (high of 19/03/09)

Support: $935.55 (low of 21/05/09) Resistance: $959.80 (yesterday's high)

Silver Comment 26/05/09

9 day moving average - $14.294 14 day moving average - $14.185 40 day moving average - $13.148

Silver Report:

Silver closed slightly higher yesterday supported by concerns about North Korean nuclear test. With the markets closed due to national holidays, the move looked like consolidation proven technically by the ‘Inside Day' pattern with the daily range being engulfed by the previous day one. In addition some reports about increases in base metal imports by China during April offered an extra support for silver which settled 3 cents higher at $14.680/oz.

The short and long term trends are bullish while medium term trend is sideways.

Support: $14.540 (yesterday's low) Resistance: $15.110 (high of 14/08/08)

Support: $14.060 (low of 22/05/09) Resistance: $14.940 (high of 13/08/08)

Support: $13.970 (low of 18/02/09) Resistance: $14.780 (yesterday's high)