Daily Bullion Market Report

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Market Commentary
August gold closed higher on Tuesday and as it extends the rally off June’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If August extend the rally off June’s low, the 25% retracement level of the 2012-2013-
decline crossing at 1336.40 is the next upside target. Closes below the 10-day moving average crossing at 1256.70 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 1256.70. Second support is June’s low crossing at1179.40.
September silver closed higher on Tuesday and above the 20-day moving average. The high-range close set the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI remain neutral to bullish signalling 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 17th July, 2013:
Metal       Support ($/oz)     Resistance ($/oz)
Gold                 1,281.89             1,297.61
Silver                19.710                20.191

Source: www.rsbl.co.in

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