Market News on Gold & Silver – 08-08-2014 …

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Gold futures rallied more than 1.5% on safe-haven buying, triggered by worries that there could be an escalation of the military conflict in Ukraine and was also supported by a weak undertone in global equities.

Russia is believed to be massing troops on the border with Ukraine, while the Polish foreign minister warned of a potential Russian invasion, according to market reports.

In addition, Russian President Vladimir Putin announced Moscow’s biggest economic response to Western sanctions, ordering his government to restrict imports of food from countries that have imposed sanctions on Russia.

The gold holdings of SPDR gold trust declined to 797.65 tons, while that of shares Silver trust increased to 10,034.134, as on August 6.

The dollar traded near an 11-month high against major currencies supported by positive U.S. data and a sharp fall in Germany’s industrial orders in June, which weakened the euro to its lowest since November.

Gold futures rallied sharply after prices breached our given resistance of 28300 and also sustained above the given resistance and support line. Gold now holds immediate support at 28300 and next at 28170, while upside resistance is seen at 28720 and next at 28900.

Silver futures consolidated in a range in early part of the trading session, but prices rallied sharply after breaching crucial resistance at 43750. Prices now hold immediate support at 43590 and next at 43250, while resistance holds on the resistance lines at 44215 and 44560.

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