Bullion prices

Market commentary re: Bullion 3/21/09


BULLION


Gold closed lower due to profit taking on Friday as it consolidated some of this week's rally but remains above the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, February's high crossing is the next upside target. Closes below Wednesday's low crossing would renew the decline off February's high.



Silver closed higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, February's high crossing is the next upside target. Closes below Thursday's low crossing would confirm that a short-term top has been posted.