A weaker USD and higher physical demand from China and India
elevated gold prices overnight. The metal opened at
1590.50/1591.50, before quickly moving to an intraday low of
1584.25/1585.25 on profit taking in early morning. Prices
retained most of the overnight gains despite a stronger USD
later in the day, reaching an intraday high of 1592.25/1593.25
before closing at 1588.00/1589.00.
Silver moved in tandem with gold. Prices opened at
28.95/29.00 before dropping to an intraday low of 28.88/28.93
in mid morning. Similar to the movement in gold, silver edged
up throughout the rest of the day, reaching a peak of
29.11/29.16 shortly before closing at 28.98/29.03.
.
Technical Commentary
Gold closed higher today at 1589, consolidating after last week’s
losses. Support sits at last week’s low at 1555, with resistance at
1609, the high from last Wednesday. RSI is now bouncing back
from oversold levels in the 19.3 area which will allow for further
price weakness.
Silver also closed higher at 29.03. Resistance is at the previous
low of 29.24, and support is from the trendline at the bottom of
the bearish channel, currently at 28.06. RSI bounced off of a
new 9 month low of 25.81 and is still trading in bearish territory.
The gold silver ratio is trading lower at 54.85. The risk is still for
a move higher to 56.07, the 2013 high..
Contact Us:
Asad Rasheed
Direct:04-3841906
Email:asad@cfb.ae
Email:info@cfb.ae
For more information please visit our website: www.cfb.ae
News Source: www.marketwatch.com
Here is another blog that provides regular news and information and is very useful to stay updated
on the markets... http://cfbllc.blogspot.ae/
No comments:
Post a Comment