Concerns about a swine flu pandemic have prompted selling in gold which settled at $890.70/oz yesterday losing 14.87 dollars. In addition a drop below the $900.00 level possibly triggered some sell stops accentuating the decline. As the inflation hedge trading seems to be drying up, the yellow metal's inability to draw safe haven flows despite some weakness in the equities was another disappointment for gold investors. Struggling sales in India, the world's biggest gold buyer also provided some bearish influence for the precious metal with imports falling sharply in recent months.
The short term trend is sideways while the medium and long term trends are bullish.
Support: $883.55 (yesterday's low)
Resistance: $922.77 (high of 04/03/09)
Support: $871.50 (low of 16/04/09)
Resistance: $918.50 (high of 27/04/09)
Support: $864.25 (low of 20/04/09)
Resistance: $906.00 (yesterday's high)
9 day moving average - $892.00
14 day moving average - $889.95
40 day moving average - $907.97
9 day moving average - $892.00
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