Thursday, April 16, 2009

Today's forecast- Consolidation likely for gold

Initially gold declined yesterday following a lower consumer price report which was indicative of deflation and pressured the yellow metal as an inflation hedge. However the data failed to trigger a sustained downward move with the market participants quickly shrugging off deflationary concerns and rather looking towards another challenge of the psychological $900/oz mark. Although gold finished 2.30 dollars higher some analysts consider that another failed test of the $900 level could soon be followed by more downside movements.

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

Support: $884.80 (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: $899.45 (yesterday's high)

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9 day moving average - $883.98
14 day moving average - $894.13
40 day moving average - $920.83

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