Gold & Silver Morning Commentary
By Jordan Roy-Byrne, CMT
Gold and Silver were higher in the overseas session as markets got a reprieve from fears over European related sovereign-debt issues. European leaders will be meeting on Thursday to discuss Greece’s plans to deal with its burgeoning deficit. The Euro got a much needed reprieve today. We should note that the Euro was moving very close to a zone of long-term technical support. Also, John Claude Trichet, President of the ECB left a meeting full of policy makers in Sydney, a day early. This caused some speculation that there could be agreement in regards to Greece. In regards to Gold and Silver, most of the gains came in early action as the metals have pared their gains in the last few hours.
Turning to the technicals, we see that over the last few days Gold has spent most of its time from $1060-$1075. A break of $1075 and the market would move to $1100 very fast. At the same time, a move below $1062 would usher in a retest of the corrective low, below $1050.
The chart for Silver is very similar, though we can see Silver is a bit weaker as its well below the first resistance line at $15.30. Silver has good support at $15.00.