Gold futures rose for the second straight session on renewed concern that the European debt crisis will spur demand for the metal as a haven. As long as 29450 holds downside , we could expect prices to push towards 30150/30350 or even higher towards 30500. Anyhow, surprise fall below 29450 region could dilute our bullish expectation and find support at 29340/270 or even lower. Gold suggest that prices are trading near a crucial resistance of 30300. Stochastic is in a sell mode. We expect prices to correct up to levels of 29500.
Silver futures for July delivery advanced 0.5 percent to $28.616 an ounce. Initial moves are likely to be choppy inside 54950-54400 regions with mild negative bias. Either side breakout would require to suggest fresh directional moves. Break above 55500 next upside is seen at 56100 followed by 56900. Drop below 54400, could target 54000/53600. Silver suggest that prices are trading near a crucial resistance of 56100. RSI is in a buy mode. We expect prices to go up to levels of 56600 if prices trades above 56100.
