Tuesday, April 21, 2009

Today's forecast- Buy gold

Renewed concerns about the health of the US banks sent investors back to the comfort of gold yesterday. After being in a down trend recently gold rose sharply on safe haven buying as investors dumped US stocks with short covering being triggered. Technically gold finished the day $15.15 higher breaching and holding above the 9 day moving average. Some analysts also pointed traditional physical demand for jewellery in Asia as a possible factor supporting gold.

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

Support: $864.25 (yesterday's low)
Resistance: $899.45 (high of 15/04/09)

Support: $851.90 (low of 23/01/09)
Resistance: $893.75 (high of 16/04/09)

Support: $843.25 (low of 22/01/09)
Resistance: $888.45 (yesterday's high)

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9 day moving average - $882.83
14 day moving average - $884.23
40 day moving average - $912.89

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