Daily Bullion Market Report

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Market Commentary
August gold closed sharply higher on Monday as it extends the rally off June’s low. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extend the rally off June’s low, the reaction high crossing at 1394.00 is the next upside target. Closes below the 20-day moving average crossing at 1261.40 would temper the near-term friendly outlook. First resistance is the 25% retracement level of the 2012-2013-decline crossing at 1336.40. Second resistance is the reaction high crossing at 1394.00. First support is the 20-day moving average crossing at 1261.40. Second support is June’s low crossing at 1179.40.
September silver closed higher on Monday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 18.670 would confirm that a short-term top has been posted. If September extends the rally off June’s low, the reaction high crossing at 22.525 is the next upside target. First resistance is today’s high crossing at 20.575. Second resistance is the reaction high crossing at 22.525. First support is the reaction low crossing at 18.670. Second support is June’s low crossing at 18.185.

Technical levels for 23rd July, 2013
Metal    Support ($/oz)  Resistance ($/oz)
Gold       1,308.52          1,350.31
Silver      19.842            20.934

Source: Rsbl

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