Techinical points
Last day gold opened at 936.00/937.00 and drop a little with light selling, reaching the levels
931.50/932.50 after that seen some bullish with investors demand.
Level is established near 943.00 and the metal traded otherways
within a narrow range. Dollar and Crude traded as heavy buying, triggering stops,
driving gold higher. Within seconds it
spiked to an intraday high of 957.50/958.50, before pulling back and finally
settling at 953.25/954.25.
Silver opened at 1355.00/1358.00 and quickly retreated as the session
began, hitting a low of 1338.00/1342.00. The metal recaptured lost
ground on thin buying, finding resistance near 1355.00. It traded within a
narrow range before it became well bid. Stops were triggered as silver
climbed above USD 1360.00, finally peaking at 1397.00/1400.00. The
market remained well supported near its highs and it traded sideways,
finally closing at 1395.00/1398.00.
Technical Commentary
Gold staged a very strong 20 dollar rally today to current 954. The week is
showing as an "up week" for the third session in a row in a move that
started down at 905. Top side resistance lies at Fibonacci level at 960
followed by June high 990. Gold was weak for the whole week dealing
down to 926, the 100 day moving average.
Silver at current 13.91 is showing as an "up week" for the third session in
a row. The unit appeared heavy all week so today's strong rally keeps the
topside move alive. Silver has resistance at 14.10 followed by 50% Fibo
at 14.35. The Gold Silver ratio is showing as a small "down week" for the
third time in a row at 68.56.
We turned neutral Gold and Silver this week due to the retracements back
through our support levels (Gold 943 and Silver 13.90). Despite the down
side breaks in the daily charts, the weekly trends of higher Gold and
higher Silver remain in tact.
Gold Silver Platinum Palladium
Open 936.00/937.00 13.55/13.58 1,188 259.00
High 957.50/958.50 13.97/14.00 1213 264.50
Low 931.50/932.50 13.38/13.42 1,181 255.75
Close 953.25/954.25 13.95/13.98 1,210 264.50
(Base) 939.00 13.820 1,189 256.00
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Gold, Silver, Platinum & Palladium
Gold Silver Platinum Palladium
Primary Support (Buy) 933.92 13.474 1,176 257.33
Primary Resistance (Sell) 962.98 14.195 1,228 267.83
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Tips related to Technical points:-
The give above analysis indicates that the trends of gold and silver markets at this point of time is some bullish. So you can see new highs in a very short time in both gold and silver. Book your profits at that time. I will tell u more in next week.
