Daily Gold/Silver Market Update: Friday July 22, 2016

Daily Market Updates From National Bullion House
Dubai’s leading precious metals investment hub

GOLD MARKET UPDATE

Pivot: 1320

Our preference: long positions above 1320.00 with targets @ 1336.00 & 1340.00 in extension.

Alternative scenario: below 1320.00 look for further downside with 1316.00 & 1310.50 as targets.

Comment: The rising 50-period moving average is playing support role and maintains the upside bias.

Supports and resistances:
1347 / 1340 / 1336 / 1327.93 (Major) / 1320 / 1316 / 1310.50

SILVER MARKET UPDATE

Pivot: 19.50

Our preference: long positions above 19.5000 with targets @ 19.9400 & 20.1000 in extension.

Alternative scenario: below 19.5000 look for further downside with 19.1900 & 19.0500 as targets.

Comment: the RSI broke above a declining trend line. Silver posted a Head and Shoulders reversal pattern. Additionally, the rising 50-period moving average is playing a support role and maintains the upside bias.

Supports and resistances:
20.25 / 20.10 / 19.94 / 19.74 (Major) / 19.50 / 19.19 / 19.05

National Bullion House serve a wide range of clients: savers, traders and speculators, elite investors, jewellery shops and banks. With a successful track record in managing physical bullion trading activity, NBH specialize in providing the most rewarding investment opportunities in precious metals, with a dominant focus on gold.

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