Gold Comment 15/06/09

9 day moving average - $951.74 14 day moving average - $959.08 40 day moving average - $932.57

Gold Report:

Profit taking ahead of weekend pressured gold which finished sharply lower on strength in the US dollar. The greenback rose against the Euro after European Central Bank President Jean Claude Trichet said the economic outlook remains difficult and unpredictable following data showing euro-zone industrial production slumped to a fresh low in April. So the yellow metal lost $18.75 with the chart showing the third day of a lower low than the previous session, another bearish feature after the cross between the short term moving averages.

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

Support: $935.95 (Friday's low) Resistance: $980.17 (high of 29/05/09)

Support: $924.75 (low of 20/05/09) Resistance: $961.87 (high of 11/06/09)

Support: $919.95 (low of 14/05/09) Resistance: $958.20 (Friday's high)

Silver Comment 15/06/09

9 day moving average - $15.118 14 day moving average - $15.276 40 day moving average - $14.198

Silver Report:

Silver fell sharply on long liquidation driven by strong gains in the US dollar which actually affected the whole commodities spectrum. Apart from the ECB's Trichet giving a bearish economic outlook, the US currency was also lifted by comments from Japanese Finance Minister Kaoru Yosano saying his government firmly supports US policies. As a result silver lost 60 cents dropping below the $15.00 level to settle at $14.790/oz.

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

Support: $14.767 (Friday's low) Resistance: $15.440 (Friday's high)

Support: $14.620 (low of 28/05/09) Resistance: $15.276 (14 day moving average)

Support: $14.430 (low of 27/05/09) Resistance: $15.118 (9 day moving average)