Daily gold and silver Marketwatch:-
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Silver market was strong early on taking out resistance at both 14.10 and the 50%
Fibonacci level at 14.35 on its way to a high of 14.46/14.49 before settling
around 14.27. Expect further resistance in front of 14.50 although a convincing
break should lead to a test of the 14.75/14.80 area. Near term
support should be found between 13.90 and 14.00.
Gold market climbed during the London session on the back of rallying equity
markets, weaker USD and stronger oil prices to open at 958.50/959.50 in
New York. It traded erratically during the early morning, slipping lower,
finding support near 957.00. It gathered momentum as the dollar continued
to soften and equity markets strengthened. It remained well bid on
investor demand, carrying the metal to an intraday high o 962.25/963.25.
However heavy profit taking as the day unwound, dragged gold market to a low of
954.50/955.50, before settling at 956.75/957.75.
markets, weaker USD and stronger oil prices to open at 958.50/959.50 in
New York. It traded erratically during the early morning, slipping lower,
finding support near 957.00. It gathered momentum as the dollar continued
to soften and equity markets strengthened. It remained well bid on
investor demand, carrying the metal to an intraday high o 962.25/963.25.
However heavy profit taking as the day unwound, dragged gold market to a low of
954.50/955.50, before settling at 956.75/957.75.
Silver market opened at 1429.00/1432.00 and was carried on the back of stronger
copper and oil prices, peaking at 1446.00/1449.00. Light profit taking
pushed the metal from its highs, finding support near 1430.00. It recaptured
lost ground as the dollar sold off against most majors and equity
markets rallied before trading within a range. Silver market became well offered
as the session moved towards the close, dipping to a low of
1424.00/1427.00 and finally settling at 1426.00/1429.00.
copper and oil prices, peaking at 1446.00/1449.00. Light profit taking
pushed the metal from its highs, finding support near 1430.00. It recaptured
lost ground as the dollar sold off against most majors and equity
markets rallied before trading within a range. Silver market became well offered
as the session moved towards the close, dipping to a low of
1424.00/1427.00 and finally settling at 1426.00/1429.00.
Technical Commentary:-
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Gold market traded through the Fibonacci resistance level at 960 on its way to a
New York Session high of 962.25/963.25. Expect further scale up selling
from 962.25/963.25 to the European high around 964.50. There will be
further resistance in front of 968.00 but a break through should set the
sights on the June high around 990.00. Near term support lies from today’s
low around 955.00 down to 946.00.
from 962.25/963.25 to the European high around 964.50. There will be
further resistance in front of 968.00 but a break through should set the
sights on the June high around 990.00. Near term support lies from today’s
low around 955.00 down to 946.00.
Silver market was strong early on taking out resistance at both 14.10 and the 50%
Fibonacci level at 14.35 on its way to a high of 14.46/14.49 before settling
around 14.27. Expect further resistance in front of 14.50 although a convincing
break should lead to a test of the 14.75/14.80 area. Near term
support should be found between 13.90 and 14.00.
Gold Silver Platinum Palladium
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Open 958.50/959.50 14.29/14.32 1,212 262.00
High 962.25/963.25 14.46/14.49 1,242 275.00
Low 954.50/955.50 14.24/14.27 1,205 261.35
Close 956.75/957.75 14.26/14.29 1,238 273.75
(Base) 959.75 14.380 1,215 268.00
Gold Silver Platinum Palladium
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Pivot 950.47 14.045 1,220 267.75
Primary Support (Buy) 938.43 13.605 1,198 260.50
Primary Resistance (Sell) 968.37 14.690 1,259 279.75
HBOP 998.30 15.775 1,320 299.00
LBOP 908.50 12.520 1,138 241.25
Bollinger Band Upper 966.21 14.292 1,242 272.86
Bollinger Band Mid 936.75 13.429 1,167 251.34
Bollinger Band Lower 907.29 12.566 1,092 229.81
Tips for trade:-
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Our technical section says there is more rise left in gold, siver and crude, copper market but we do not suggest buy in any trade now at this time because a lot of risk involved in it. The best trade we seek from now is to wait for rise and sell at that time. So wait for that time.
