October gold closed higher on Wednesday and above the 20-day moving average crossing at 1304.06 confirming that a short-term low has been posted. The high range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Overall the technical indicators are turning neutral to bullish signaling that sideways trading is possible. First resistance is at 1313. Second resistance is at 1350. First support is at 1295. Second support is at 1255.
September silver closed higher due to short covering on Wednesday as it consolidated some of the decline off July’s high. Overall the technical indicators point out that Silver price will move sideways to lower prices in the near term. First resistance is at 20.25. Second resistance is at 21.65. First support is at 19.80. Second support is at 19.45.
Bullion Market Report As On Aug 7, 2014