We maintain our bearish view on gold, and for the selling to continue a little longer. In a healthy market, the sellers usually face exhaustion and we felt that the gold market could consolidate before any significant rebound. The new low was set at $ 1286, but we felt that the market could go lower. Some traders covered their short from $ 1390 and $ 1387, and stayed on the sideline before entering the market again. The bearish sentiment continued to dominate; unless we see a flurry of physical demand (April 2013) then gold prices will remain under pressure.
Only a break above $ 1325 will give bulls some comfort, but we see a potential low at $ 1250. We felt that a major short covering could be on the cards if the price is right.
Resistance: $ 1325, $1366, $ 1423
Support: $ 1286, $ 1250, $ 1200
Traders Notes: Short gold as it breaks trend line at $ 1390 / $ 1395 with a target at $ 1361 / $ 1355- stop loss stands at $ 1403 / $ 1425
There is no escaping from the sellers as Silver traded lower due to mounting selling pressure. A weak start to the week as silver made lower high and lower low, with most trading contained in the range of $ 21.00 to $ 22.50 area before the current selloff that take it back down to $ 19.77. There were no strong buyers, and selling will continue to dominate the market. Investors favour lower silver prices, and we may continue to see it weaken before any rebound rally.
Resistance: $ 21.51, $ 22.35, $ 25.59
Support: $ 19.66, $ 19.00
Traders Notes: Stay on the sidelines
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Gold And Silver: Deja Vu
Published 06/21/2013, 12:27 AM
Updated 05/14/2017, 06:45 AM
Gold And Silver: Deja Vu
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