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Daily Gold/Silver Market Update: Wednesday, July 6, 2016

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GOLD MARKET UPDATE

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Pivot: 1350

Our preference:
long positions above 1350.00 with targets @ 1379.00 & 1386.00 in extension.

Alternative scenario: below 1350.00 look for further downside with 1337.50 & 1328.00 as targets.

Comment:
the RSI advocates for further upside.

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Supports and resistances:
1393 / 1386 / 1379 / 1368.40 (Major) / 1350 / 1337.50 / 1328

SILVER MARKET UPDATE

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Pivot: 19.64

Our preference: long positions above 19.6400 with targets @ 21.1300 & 21.7000 in extension.

Alternative scenario: below 19.6400 look for further downside with 19.0000 & 18.6800 as targets.

Comment: a support base at 19.6400 has formed and has allowed for a temporary stabilisation.

Supports and resistances:
22.00 / 21.70 / 21.13 / 20.27 (Major) / 19.64 / 19.00 / 18.68

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