Physical demand helped gold and silver move off 5-day and 2-day lows hit early Wednesday, and having just crossed 20-day SMA inside the Bollinger channel the metals are now seeing strong near-term resistance near the upper Bollinger band.

Gold sees $1,391.5 and silver $29.33 as near term levels of resistance. Gold has its second stop near $1,407.80 while silver has it at $29.97 level.

Both the metals have strong immediate support near the Bollinger lower band - for gold near $1,375 and for silver near $28.7 levels.

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