Daily Bullion Market Report

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Market Commentary
August gold closed lower due to profit taking on Wednesday consolidating some of the rally off June’s low. The low-range close sets the stage for a steady to lower opening when Thursday’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 1266.60 would temper the nearterm friendly outlook. First resistance is today’s high crossing at 1348.70. Second resistance is the reaction high crossing at 1394.00. First support is the 20-day moving average crossing at 1266.70. Second support is June’s low crossing at 1179.40.
September silver closed lower on Wednesday. The low-range close set the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI have turned 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 the 20-day moving average crossing at 19.498 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 20.595. Second resistance is the reaction high crossing at 22.525. First support is the 20-day moving average crossing at 19.498. Second support is the reaction low crossing at 18.670.

Technical levels for 25th July, 2013:
Metal    Support ($/oz)  Resistance ($/oz)
Gold        1,308.89                 1,341.20
Silver        19.930                   20.529

Source: Rsbl

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