Free Daily Gold and Silver Price(rate) and Market Trends----------------------As On 14-08-2009
Market Commentary:-
Our Free Daily Gold Price(rate) Trends opened at 959.25/960.25 and climbed on the back stronger oil prices and a weaker USD, peaking at 960.75/961.75. Worse than expected retail sales caused equity markets to tumble and the metal quickly followed. Gold Trends fell to an low of 952.00/953.00 before managing to recover. It became well bid as oil recaptured
lost ground and equity markets rebounded. Resistance was found near 960.00
and the market ticked sideways as the session unwound, Gold price(rate) closing at 954.25/955.25.
Our free daily Silver Price(rate) Trends opened at 1490.00/1493.00 in New York. Poor US economic data caused
equity markets to retreat and silver trends dipped to an intraday low of silver price(rate)1477.00/1480.00.
Copper and oil later rallied helping the metal take back lost ground, climbing above
1500.00 USD/ozs and, touching a high of 1505.00/1508.00. It slipped marginally
off its highs and traded lightly in a range to finally settle at 1500.00/1503.00.
Technical Commentary
Gold price(rate) closed relatively unchanged, though slightly down on the day, after trying to
the highest intraday level in three sessions. This removes some of the downside
heaviness in the metal's price action this week, though we are still trading well
below the level where we began the week. While we've documented where support
is to be found on an intraday basis this week, the topside seems to be constrained
at $960 on a closing basis. Downtrend resistance currently comes in
$969.75, with a break of that leading to a $980 target.
Silver price(rate) 2.9% jump was impressive as was its ability to test back up to resistance of
15.05 (the high today and from August 6th). The chart pattern and studies all point
to further upside in the metal and a break and close above 15.05 tomorrow would
confirm this. Support lies at today's low of 14.77, followed by the 9-day moving
average of 14.55; while resistance comes in at the June 11 high of 15.54.
This is our Free Daily Gold and Silver Price(rate) and Market Trends
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