Market Commentary
Ø  August gold closed lower on Monday and is poised to extend this year’s decline. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this month’s decline, monthly support crossing at 1155.60 is the next downside target. Closes above the 20-day moving average crossing at 1374.40 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1374.40. Second resistance is the reaction high crossing at 1423.30. First support is last Friday’s low crossing at 1268.70. Second support is monthly support crossing at 1155.60.
Ø   July silver closed lower on Monday as it extends this month’s decline. The low-range close set the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices is possible near-term. If July extends this year’s decline, monthly support crossing at 18.756 is the next downside target. Closes above the 20-day moving average crossing at 21.750 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 21.750. Second resistance is the reaction high crossing at 23.060. First support is last Friday’s low crossing at 19.310. Second support is monthly support crossing at 18.756.
Technical levels for 25th June, 2013:

Source : Bullion Bulletin