Bullion Market Report As On Mar 28, 2014

Market Commentary
April gold closed lower on Thursday as it extends this month’s decline. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this month’s decline, the 50% retracement level of the January-March-rally crossing at 1287.40 is the next
downside target. Closes above the 20-day moving average crossing at 1340.50 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 1340.50. Second resistance is March’s high crossing at 1392.60. First support is the 50% retracement level of the January-March-rally crossing at 1287.40. Second support is the 62% retracement level of the January-March-rally crossing at 1262.50.
May silver closed lower on Thursday as it extends the decline off February’s high. The mid-range close set the stage for a steady opening when Friday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term.May silver closed lower on Thursday as it extends the decline off February’s high. The mid-range close set the stage for a steady opening when
Friday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term.
Source:RSBL

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