Comex gold lately at June traded up $20.60 at the level of $1,444.30 USD/Ounce. As of Spot gold was last cited up $13.60 at the level of $1,445.50 USD/Ounce of gold. There was an increase on technical buying and a drop in USD index. Gold futures in Comex market recorded a new high level in the last two weeks. Comex silver lately at May traded up $0.402 at $23.225 an ounce.
Gold made a strong overcome from this month’s breakdown. An overnight report from the International Monetary Fund stated that in March Turkey, Russia and some Asian nations headed to rise their official gold reserves. Also at overnight news, unemployment percentage at Spain increased by 27.2% in the first quarter. As well as the domestic percentage compressed 2% in the first quarter.
Thursday Morning the USD index profit speaking dropped. Still the bulls nearly have a technical advantage. While Nymex crude oil futures prices are stable on Thursday. The bulls gained benefit on Wednesday from the crude oil’s big progress. As for London, from the previous P.M. gold fix $1,428.50 jumped to A.M. gold fix $1,446.50.
The bears still have technical advantages of gold in June, as of the bulls are having an upside technical momentum and starting to suggest that in a short term the market will fall down. On the daily chart gold prices is in a 6.5-month-old downtrend. The bulls coming upside short term prices above solid technical combat is at $1,450.00. As for the bears downside prices under solid technical support is at $1,400.00. First combat was sighted at $1,450.00 and then at $1,475.00, while the first support was sighted at the overnight low of $1,426.30 and then at Wednesday’s low of $1,411.50.
Also silver on the daily chart, silver prices are in a 6.5-month-old downtrend. The bear’s downside closing prices at last week’s low under solid technical support at $22.00. While the bull’s upside prices above solid technical combat at $24.00 an ounce. The first combat was overnight high with $23.325 and the week’s high with $23.65. As for the support it was overnight low with $22.81 and at this week’s low with $22.555.