Bullion Market Report

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Market Commentary
October gold closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this month’s decline, August’s low crossing at 1272.10 is the next downside target. Closes above the 20-day moving average crossing at 1374.40 would temper the near-term bearishoutlook. First resistance is the 20-day moving average crossing at 1374.40. Second resistance is August’s high crossing at 1432.90. First support is Monday’s low crossing at 1302.90. Second resistance is August’s low crossing at 1272.10.
December silver closed lower on Tuesday and the low-range close set the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, August’s low crossing at 19.145 is the next downside target. Closes above the 20-day moving average crossing at 23.318 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 23.318. Second resistance is August’s high crossing at 25.160. First support is the reaction low crossing at 21.420. Second support is the reaction low crossing at 19.145.
Technical levels for 18th Sep, 2013:
Metal    Support ($/oz)    Resistance ($/oz)
Gold            1,290.22               1,320.44
Silver         21.160                      22.019
Source:RSBL

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