Daily Bullion Market Report

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Market Commentary
October gold closed lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1286.50 would confirm that a short-term top has been posted. If October extend the rally off June’s low, the reaction high crossing at 1395.20 is the next upside target. First resistance is last Wednesday’s high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is the 20-day moving average crossing at 1286.50. Second support is July’s low crossing at 1208.50.
September silver closed lower on Tuesday. The mid-range close set the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are bearish signaling that a short-term top might be in or is near. Multiple closes below the 20-day moving average crossing at 19.657 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 last 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 19.657. Second support is the reaction low crossing at 18.670.

Technical levels for 31st July, 2013:
Metal      Support   Resistance
Gold      1,317.12      1,338.05
Silver    19.461           20.150

Source: RSBL

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