Daily Bullion Market Report

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Market Commentary
 October gold closed lower on Tuesday and below last Friday’s low crossing at 1282.50 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI remain bearish signaling that additional weakness is possible. If October renews the rally off June’s low, the reaction high crossing at 1395.20 is the next upside target. First resistance is July’s high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is today’s low crossing at 1278.40. Second support is July’s low crossing at 1208.50.
September silver closed lower on Tuesday as it extends the trading range of the past seven weeks. The low-range close set the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. Closes below the reaction low crossing at 18.670 are needed to confirm that a short-term top has been posted. If September renews the rally off June’s low, the reaction high crossing at 22.525 is the next upside target. First resistance is the reaction high crossing at 20.595. Second resistance is the reaction high crossing at 22.525. First support is the reaction low crossing at
19.215. Second support is the reaction low crossing at 18.670
Technical levels for 7thAug, 2013:
Metal   Support ($/oz)     Resistance ($/oz)
Gold     1,269.41                   1,309.51
Silver     19.251                     19.861

Source: RSBL

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