Bullion Market Report

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Market Commentary
October gold closed lower on Thursday and below the 20-day moving average crossing at 1367.20 confirming that a short-term to has been posted. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastic and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October extends today’s decline, the reaction low crossing at 1351.60 is the next downside target. Closes above the 10-day moving average crossing at 1397.50 would temper the nearterm bearish outlook. First resistance is last Wednesday’s high crossing at 1432.90. Second resistance is May’s high crossing at 1489.00. First support is the reaction low crossing at 1351.60. Second resistance is August’s low crossing at 1272.10.
September silver closed lower on Thursday as it extended the decline off last week’s high. The low-range close set the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 22.943 are needed to confirm that a short-term top has been posted. If September renews the rally off June’s low, the 50% retracement level of the September-June decline crossing at 26.727 is the next upside target. First resistance is last Wednesday’s high crossing at 25.120. Second resistance is the 50% retracement level of the September-June decline crossing at 26.727. First support is today’s low crossing at 22.995. Second support is the 20-day moving average crossing at 22.943.
Technical levels for 6th Sep, 2013:
Metal Support ($/oz) Resistance ($/oz)
Gold 1,351.62 1,398.33
Silver 22.712 24.067
Source:RSBL

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