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The Commodities Corner
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Gold & Silver Both Hit Projected Targets
Fri, Sep 12 2008, 21:22 GMT
by Andrei Pehar
Gold and silver both hit the targets projected the prior month.
As trading closed for the week, gold was heading back up to re-test 774.33 as resistance. If we cross (and stay) above this number in the coming week, then 730.23 was indeed our bottom and we should see the metal slowly recover some of its value in the months ahead.
Mostly likely we may range between 730.23 and 774.33 for some time, and if 730.23 fails to hold as support, then we could see another move down as low as 658.84
Silver, in the meantime, came to rest at exactly 10.63, and is currently working its way back up from there. An interesting level to look for in the coming week is 11.05 - if that knocks price back down and 10.63 fails to hold as support, we could (eventually) see prices as low as 7.32
If price can manage to get above 11.05, then we may be in for a retracement back up to 12.68, with some moving averages likely providing resistance along the way. Sustained trading above the 12.68 level would confirm that we have a bottom in silver as well as gold.
Published on Fri, Sep 12 2008, 21:41 GMT
Archive
- Crude Oil: A Key Level to Watch
Published On Thu, Nov 20 2008, 01:43 GMT - The Long-term Outlook for Gold
Published On Wed, Oct 15 2008, 16:04 GMT - How to Determine the Next Likely Direction for Oil
Published On Fri, Sep 26 2008, 12:05 GMT - What a Financial Crisis Means for Gold
Published On Fri, Sep 19 2008, 11:01 GMT - Gold & Silver Both Hit Projected Targets
Published On Fri, Sep 12 2008, 21:22 GMT
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