Weekly Gold Review: http://www.hx9999.com/en/comment_week_674.html
Both gold and silver broke through upward last week. Gold made the history of 1,475 USD, while silver also reached 40.95 USD, which was the highest over these 30 years.
Gold was under a significant resistance of 1,450 USD in both psychological and technical terms during the later of the previous 2 week. Last Tuesday gold breached the level and reached the day high of 1,457 USD. Once resistance broken gold had repeatly hit records. That the highest on Wednesday was 1,462.40 USD, which climbed upper to 1,465.20 and 1,475 USD in the next 2 sessions respectively.
During the week most market news are positive to the commodity: oil continued to rise that the U.S. futures advanced to 113 USD; Portugal asked for bailout arousing European debt woes again; Lybia's uprising deteriorated; although Yen retreated the dollar index continued to fall to 75.50; etc. Safe haven buying flowed in to support gold to break through the resistance to new records.
Silver moved similar to gold. Last week once the 38 USD level broken silver had soared by 7.8% to 40.95 USD. And price ratio of gold and silver reduced further to 36 times.
Technically and psychologically, no essential resistance was seen in the 2 metals at the moment. With the support of favourable market conditions, the intension of profit taking was not significant. It was difficult to define the next upper target by technical analysis. While under market expectation the expected target should be 1,500 USD of gold and 43-45 USD of silver. Gold was expected to correct slightly and move within the range of 1,450-1,490 USD. And the range of silver should be within 39-32 USD.
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