Daily Bullion Market Alert

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Market Commentary
Ø  August gold closed lower on Tuesday. 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 turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1326.70 are needed to confirm that a short-term low has been posted. If August extends this year’s decline, monthly support crossing at 1155.60 is the next downside target. First resistance is the 10-day moving average crossing at 1266.60. Second resistance is the 20-day moving average crossing at 1326.70. First support is last Friday’s low crossing at 1179.40. Second support is monthly support crossing at 1155.60.
Ø   July silver closed lower on Tuesday. 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 turning bullish hinting that a low might be in or is near. If July renews this year’s decline, monthly support crossing at 17.080 is the next downside target. Closes above the 20-day moving average crossing at 20.755 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 19.585. Second resistance is the 20-day moving average crossing at 20.755. First support is last Friday’s low crossing at 18.185. Second support is monthly support crossing at 17.080.
Technical levels for 3rd July, 2013:

Metal

 Support ($/oz)

 Resistance ($/oz)

Gold

1,232.57

1,258.81

Silver

19.074

19.901

Source: www.rsbl.co.in

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