It will be difficult for gold and silver to maintain the short term bullish momentum after yesterdays slide. There will be sellers on every rise unless there is a sustained break over the key technical resistances. US dollar gained against the sterling after UK Prime Minister Tony Blair’s decision to step down next month.
A large number of traders are stuck at higher level. Investors who invested in gold between $635- $645 may be forced to exit if gold falls below $590. A large number of traders are buying put options as an hedge. Traders are going to use the rise as an opportunity to exit at higher level.There is lack of major market moving news today and we should see further losses in gold and silver. Geopolitical risks are maintaining a status quo which crude oil prices are nearing the key support at $66.00 a barrel. Long term bullishness remains intact for gold and silver, however both of them will need fresh investments for further gains in the short term.
GOLD -- DECEMBER FUTURE
Gold could fall to $586.50 and $568.50 if we close below $609. On the higher side $634.50 is the initial resistance with $642.50 as the key resistance.
SILVER -- DECEMBER FUTURE
Silver can fall to $1225 and $1192 if it fails to close over $1258. On the higher $1292 is the initial resistance with $1344 as the short term key resistance.
Happy Profitable Trading
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