-- Posted Tuesday, 25 November 2008 | Digg This Article
| Source: GoldSeek.com
DAILY SPOT GOLD AND SILVER REPORT
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
| LTP | % CHG | YTD % | PREV. DAY HIGH | PREV. DAY LOW | 50 DAY MA | 100 DAY MA | 200 DAY MA |
SPOT | | | | | | | | |
GOLD | $813.50 | -0.37 | -2.31 | $822.50 | $787.25 | $801.35 | $830.50 | $873.53 |
SILVER | $10.19 | 0 | -30.87 | $10.23 | $9.00 | $10.62 | $12.90 | $15.31 |
PREVIOUS DAY |
LONDON GOLD FIXING | | SILVER FIXING |
AM FIXING | $816.75 | | $10.04 | |
PM FIXING | $822.50 | | | |
Yesterday
Silver outperformed gold for once after a long time. Indian gold and silver prices rose taking cues from global market. Indian gold demand was not there at higher prices while silver demand in India was better than gold.
Indian Rupee
Till rupee does not break 50.50 there will be sellers. Weakness in the US dollar should result in rupee opening stronger. Key intra day support for the rupee is at 49.32.
TODAY
Volatility will be high. There will be a consolidation phase before the next big move. Higher or lower will depend on the ability to break key technical resistances. Technically gold and silver are bullish.
TECHNICAL VIEW
SPOT GOLD
SPOT GOLD TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
| S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$777.10 | $786.30 | $798.00 | $807.60 | $821.30 | $830.10 | $844.80 | $858.00 |
100 day moving average of $830.50 is the key intra day resistance and a break of the same will pave the way for testing of 200 day moving average at $873.50. On the lower side support starts at $798.80 with $782.10 as the key support for the rest of the week.
SPOT SILVER
SPOT SILVER TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$8.40 | $8.80 | $9.08 | $9.31 | $9.60 | $9.88 | $10.23 | $10.79 |
$10.08 price target achieved. Silver now needs to break $11.00 to target key medium term resistance t $12.22. On the lower side fresh sellers will emerge only if silver falls below $10.08 and $9.55.
PHYSICAL GOLD AND SILVER – INDIAN RUPEE TERMS
Technical congestion is there between Rs.13300- Rs.13500/ ten grams and gold needs to overcome this zone to target Rs.14100/ ten grams. If gold does not break Rs.13500/ten grams then it will fall to Rs.12700 and Rs.12300. Silver has to break Rs.18000/kg to target Rs.19300/kg in the short term. On the lower side silver is bullish over Rs.16900/kg.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared By Chintan Karnani. Website www.insigniaconsultants.in
-- Posted Tuesday, 25 November 2008 | Digg This Article | Source: GoldSeek.com
