Gold and silver technical Commentry, levels, Free Mcx and Commodities trades.

Gold and Silver Market Commentary As on 11-08-2009

Gold opened on its highs levels at 953.00/954.00 (as on in Indian Mcx market) and was quickly swept lower, triggeringstops, tumbling to an intraday low level of 942.00/943.00. It recovered marginally from its lows and trade(same as in Mcx Markets in India) lightly within a range. The metal became bid during the early afternoon, finding resistance near level 950.00. It lost ground as the session unwound, finally settling at level 944.50/945.50.

Silver opened at level 1450.00/1453.00(same as in Mcx in Indian Market) and tumbled as the metal was well offered,reaching a low of level 1428.00/1431.00. Oil rallied and silver followed making back lost ground as the session progressed, climbing back towards 1450.00. The metal peaked at 1452.00/1455.00 but could not hold this level as light profit taking took it lower. It trade within a range as the day came to a close, finally settling at1437.00/1440.00.

(Note:- This Market Commentry is Apply same ti Indian MCX Markets)

Technical Commentary

Gold is weak on the dailies, falling again today, but finding support just above its50-day moving average level at $941.67. The 50-day is reinforced by the fact that it corresponds to the 38.2% Fibonacci retracement of the April to June up move, off strong support at the multiple April lows at $865.50, the last of which now constitutes multi-month trend support. Should the 38.2%/50-day level give way, we next see strong support holding in at the 50% Fibonacci retracement of the previously mentioned up move, corresponding to the 100-day moving average at $927.50.

Silver level market action on August 6th now appears to have been a temporary top, confirmed today by the close below the low (14.56) from the 6th. Accordingly, near-term trading looks biased for further downside; however, none of the longer term studies have turned and continue to be in buy territory. The short-term up trend will only be broken with a break and close below 13.69. Near-term support comes in at the 50-day of 14.03, while resistance lies at the recent high of 15.05 from August 6th.

Note:- This Techinical Commentry Applys same to Indian MCX Markets

Tips to trade:-

As I promise to my Readers My Freeeeeee tips on Gold and Silver trades. My tips on Gold applys on both The MCX Market and The International Commodities Markets.

In our point of view if you want to buy in gold and silver in MCX and in International Commodities this is the right time for small profits. Do not wait more for a dip. We think the rates of gold and silver again touch the high level of 965$ in gold and 14.50 in silver.

Happy trading from me and my Team.

Daily Gold and Silver Trades:- As On 11-08-2009

Gold Price Close Today : 945.00
Change: -12.30 or -1.3%

Silver Price Close Today : 14.348
Change: -31.3 cents or -2.1%

Platinum Price Close Today: 1251.40
Change: -5.00 or -0.4%

Palladium Price Close Today: 275.55
Change: 0.00 or 0%

Gold Silver Ratio Today: 65.86
Change: 0.567 or 0.9%

Dow Industrial: 9,337.95
Change: -32.12 or -0.3%

US Dollar Index: 78.04
Change: 0.46 or 0.6%

The US DOLLAR INDEX today rose 29.9 basis points to 79.219. The high was 79.395, scant points below last week's high. If the dollar exceeds that, then it begins to look as if last week's low at 77.577 was perhaps the low of the last leg down of the dollar's decline. The 50 day moving average (DMA) stands above at 79.61. Dollar must drop soon or we will be dealing with a dollar rally.

As 9,330 was Dow resistance on the way up, it becomes support on the way down. Maybe stocks have corrected enough, and will start up again tomorrow. No matter, you should be using this rally to get rid of any stocks you have left.

Harbinger to watch: the Dow in Gold Dollars (DiG$, the Dow measured in gold) inched up to a new high today, G$204.27 (9.881 oz.).

The Gold Price dropped today to its 50 DMA (943.26), pretty tame stuff for a correction. Today's low possibly fulfils the goal of a shallow correction. The goldprice may hit US$940 - 938 tomorrow. Correction should not/must not violate US$928 support. Gold's drop came all on the open, then 944 held like a stone wall all day. Comex closed down 12.30 at US$945. Current (16:58 Central time) is US$946.90.

The Silver Price held firm at 14.30. The 50 DMA now stands at 14.10. It's hard for me to picture the silver price dropping below $14

If y'all were waiting for a dip to buy silver and gold prices, you'd better dip your toe in now.