Tuesday, April 14, 2009

Remain on the sidelines.

Gold finished higher yesterday gaining $13.65 to settle at $894.30 and managed to cross above the 9 day moving average. The move was driven by lower equity markets and a weaker US dollar and accentuated by worries about General Motors after reports from the US Treasury directing GM to lay the foundation for a bankruptcy filing by June 1st deadline. That in turn triggered safe haven buying with some analysts indicating the yellow metal was due for a bounce anyway considering that lately gold was a bit oversold.

The short term trend is bearish while the medium and long term trends are bullish.

Support: $880.65 (yesterday's low)
Resistance: $913.30 (high of 11/03/09)

Support: $871.05 (low of 07/04/09)
Resistance: $909.85 (high of 03/04/09)

Support: $851.90 (low of 23/01/09)
Resistance: $899.75 (yesterday's high)

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9 day moving average - $886.95
14 day moving average - $900.26
40 day moving average - $925.46

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