| Latest gold and silver prices |
|
| Written by Gary Howes |
| Thursday, 04 June 2009 11:44 |
|
"Long liquidation and profit taking were mentioned which also placed other commodities on the defensive." Marius Paun at ODL Securities comments on the latest in the gold and silver markets - and gives insight into price trends: Gold Report: Gold fell sharply yesterday triggered by a strong rebound in the US dollar with the weaker tone in equity markets possibly adding to the decline in the precious metal. Long liquidation and profit taking were mentioned which also placed other commodities on the defensive. Towards the close gold accelerated to the downside as sell stops were hit finishing the day $18.32 lower at $964.50/oz. Some traders pointed that selling might have occurred as a result of disappointment that gold could not hit $1000 level after reaching an intraday high of $989.95/oz. The short and long term trends are bullish while medium term trend is sideways. 9 day moving average - $964.78 14 day moving average - $955.26 40 day moving average - $919.18 Support: $960.30 (yesterday’s low) Resistance: $1000.00 (psychological level) Support: $958.35 (low of 29/05/09) Resistance: $995.65 (high of 24/02/09) Support: $944.00 (low of 28/05/09) Resistance: $989.95 (yesterday’s high) Silver Report Following gold, silver declined sharply as the US dollar managed to recoup some of its recent losses in a day when many commodities found themselves under pressure. The move was substantial as the white metal fell 56 cents but somewhat expected given that markets undergo occasional consolidation and in silver case it followed a quite impressive rally. Technically, silver had and outside reversal lower initially trading above the previous day’s high but closed below the prior session’s low which is a short term bearish signal. The short and long term trends are bullish while medium term trend is sideways. Support: $15.230 (yesterday’s low) Resistance: $16.210 (high of 08/08/09) Support: $15.130 (low of 29/05/09) Resistance: $16.003 (high of 02/06/09) Support: $14.620 (low of 28/05/09) Resistance: $15.760 (high of 29/05/09) 9 day moving average - $15.223 14 day moving average - $14.886 40 day moving average - $13.649 
|