Daily Bullion Market Alert

Reading Time: < 1 minute

Market Commentary
Ø   August gold closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1319.40 are needed to confirm that a short-term low has been posted. If August renews 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 1254.60. Second resistance is the 20-day moving average crossing at 1319.40. First support is last Friday’s low crossing at 1179.40. Second support is monthly support crossing at 1155.60.
Ø    September silver closed higher on Wednesday. The high-range close set the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 20.653 are needed to confirm that a low has been posted. If September renews this year’s decline, monthly support crossing at 17.080 is the next downside target. First resistance is the 20-day moving average crossing at 20.653. Second resistance is the reaction high crossing at 22.525. First support is last Friday’s low crossing at 18.185. Second support is monthly support crossing at 17.080.

Technical levels for 4th July, 2013:

Metal

Support($/oz)

Resistance ($/oz)

Gold

1,239.13

1,267.68

Silver

19.459

20.049

Source: www.rsbl.co.in

Share on

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

Menu