Bullion Market Report As On 5 Dec 2014

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METALS: February gold futures closed down $0.80 an ounce at $1,207.80 today. Prices closed near mid-range. Chart consolidation was featured. Bears still have the overall near-term technical advantage. First resistance is at 1212. Second resistance is at 1225. First support is at 1200. Second support is at 1185.
March silver futures closed up $0.138 at $16.55 today. Prices closed near mid-range. Price action Monday scored a bullish key reversal up on the daily bar chart, which suggests the bears have become exhausted and a market bottom is in place. But the bulls still have work to do to suggest prices can sustain a near-term uptrend. First resistance is at 16.65. Second resistance is at 16.80. First support is at 16.25. Second support is at 16.00.

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