Daily Gold/Silver Market Update: Monday August 08, 2016

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

GOLD MARKET UPDATE

Pivot: 1346

Our preference: short positions below 1346.00 with targets @ 1329.00 & 1321.00 in extension.

Alternative scenario: above 1346.00 look for further upside with 1354.00 & 1359.00 as targets.

Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

Supports and resistances:
1359 / 1354 / 1346 / 1337.57 (Major) / 1329 / 1321 / 1313

SILVER MARKET UPDATE

Pivot: 20.01

Our preference: short positions below 20.01 with targets @ 19.47 & 19.30 in extension.

Alternative scenario: above 20.01 look for further upside with 20.19 & 20.43 as targets.

Comment: the upward potential is likely to be limited by the resistance at 20.01.

Supports and resistances:
20.43 / 20.19 / 20.01 / 19.73 (Major) / 19.47 / 19.30 / 19.20

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