June Gold closed down 43.8 at 1589. This was 7.1 up from the low and 38.2 off the high.
July Silver finished down 0.959 at 28.529, 1.111 off the high and 0.169 up from the low.
The gold market ranged down sharply today and the washout clearly seemed to be the result of a lack of definitive easing news from the US Fed testimony. However, flight to quality bulls might have stepped aside because of a general decline in overall anxiety today but one would think that a lack of Fed action would have kept safe haven bulls in position for at least one more trading session. However, it is also possible that gold was mostly undermined because the Fed's action today increases the odds that the world economy will remain in limbo for a little while longer.
The silver market mostly saw the Thursday trade remain inside the prior session's range, but at times July silver actually forged a downside breakout on the charts and that had to increase the pressure on the bull camp. Clearly silver was at least partially discouraged by the Fed dialogue today and clearly some bulls decided to bank profits and wait for fresh developments from the Euro zone on Friday morning. However, with stronger US equity market action and favorable currency market action, some silver bulls had to be disappointed with magnitude of the slide in July silver prices today.
COMEX SILVER (JUL) 06/08/2012:
The near-term upside objective is at 3005.0. The next area of resistance is around 2920.0 and 3005.0, while 1st support hits today at 2798.0 and below there at 2754.0.
COMEX GOLD (JUN) 06/08/2012:
The next upside objective is 1641.4. The next area of resistance is around 1611.0 and 1641.4, while 1st support hits today at 1567.0 and below there at 1552.1.
No comments:
Post a Comment