Bullion Market Report As On 12 August,2014

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Market Commentary
October gold closed lower on Monday as it consolidates some of last week’s rally. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Overall the technical indicators point out that neutral to bullish signaling that sideways to higher prices is possible. First resistance is at 1318. Second resistance is at 1335. First support is at 1302. Second support is at 1290.
September silver closed higher due to short covering on Monday. Overall the technical indicators point out that Silver price will move neutral to bullish hinting that a low might be in or is near. First resistance is at 20.20. Second resistance is at 20.35. First support is at 19.90. Second support is at 19.65

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