Daily Bullion Market Report

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Market Commentary
August gold closed higher on Monday and above the 20-day moving average as it extends the rally off June’s low. The mid-range close sets the stage for a steady to higher opening when Tuesday’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 1272.60 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 1253.20 would temper the near-term friendly outlook. First resistance is last Thursday’s high crossing at 1297.20. Second resistance is the reaction high crossing at 1394.00. First support is the 10-day moving average crossing at 1253.20. Second support is June’s low crossing at 1179.40.
September silver closed higher on Monday and above the 20-day moving average crossing at 19.755 confirming that a low has been posted. The high-range close set the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the reaction high crossing at 22.525 is the next upside target. Closes below last Monday’s low crossing at 18.670 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 20.250. Second resistance is the reaction high crossing at 22.525. First support is last Monday’s low crossing at 18.670. Second support is June’s low crossing at 18.185.
Technical levels for 16 th July ,2013:
Metal       Support ($/0z)       Resistance ($/0z)
Gold         1274.54                       1294.15
Silver        19.54                            20.269

Source: www.rsbl.co.in

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