Bullion Market Report

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Market Commentary
October gold closed lower on Friday and the low-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October renews the decline off August’s high, August’s low crossing at 1272.10 is the next downside target. Closes above the 20-day moving average crossing at 1329.50 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1329.50. Second resistance is the reaction high crossing at 1375.50. First support is the reaction low crossing at 1281.80. Second resistance is August’s low crossing at 1272.10.
December silver closed lower on Friday. The mid-range close set the stage for a steady opening when Monday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 22.078 are needed to confirm that a low has been posted. If December extends the decline off August’s high, August’s low crossing at 19.145 is the next downside target. First resistance is the 20-day moving average crossing at 22.078. Second resistance is the reaction high crossing at 23.445. First support is Tuesday’s low crossing at 20.630. Second support is the 75% retracement level of the June-August rally crossing at 19.937.
Technical levels for 7th Oct, 2013
Metal   Support ($/oz)   Resistance ($/oz)
Gold         1,302.87                    1,321.11
Silver         21.554                       21.919

Source:Bullion Bulletin

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