Gold Bulls Stay Strong

Gold price technical analysis 30 - May, 2013

Bargain hunters are starting to rise after an improvement in gold markets. Comex gold last on June traded up $5.50 at $1,472.70 an ounce. While Spot gold dropped $2.90 at $1,474.00.

Tuesday morning showed a small impact on the USD. The dollar bulls have an advantage in the near-term, but there will be a drop down if the bulls don’t keep strong. While Nymex crude oil futures prices are dropping down on Tuesday. Crude oil bulls made an improvement in the near-term technical momentum.

The London previous P.M. gold fix was $1,467.50 reaching today at A.M. gold fixes $1,472.75.

Gold bulls have to stay strong to make a near-term upturn on the daily chart.

On the daily chart gold prices is in a 7-month-old downtrend. The bulls coming upside short term prices above solid technical resistance is at $1,500.00. As for the bears downside prices under solid technical support is at $1,400.00.  First resistance was sighted at $1,484.80 and then at $1,500.00, while the first support was sighted at the low of $1,460.50 and then at $1,450.00.

Silver on the daily chart, silver prices are in a 7-month-old downtrend. The bear’s downside closing prices under solid technical support are at $23.00 an ounce. While the bull’s upside prices above solid technical combat at $25.00. The first resistance on Monday’s high with $24.58 and the week’s high of $24.835. As for the support it was low of $23.945 and then at $23.62