Buy gold at these price corrections.

As a result of funds coming back to the market gold moved sharply higher yesterday effectively denying the previous few days correction. The move was also helped by rallies in the Euro vs the US dollar and crude oil combined with technical trading. So gold gained 13.30 pound to settle at $959.80/oz with the chart showing good support offered by the 9 day moving average. All M.A. remain bullish and the next upside challenge the high of Mar 20th at $967.00 is now within reaching distance.
The short and long term trends are bullish while medium term trend is sideways.

Support: $944.00 (yesterday's low)
Resistance: $974.22 (high of 17/02/09)

Support: $935.55 (low of 21/05/09)
Resistance: $967.00 (high of 20/03/09)

Support: $929.60 (low of 06/03/09)
Resistance: $964.95 (yesterday's high)

9 day moving average - $949.82
14 day moving average - $940.99
40 day moving average - $909.32

Consolidation likely for gold.

Gold went $6.05 down yesterday closing at $946.15/oz pressured by comments from the managing director of the IMF that US Congress is expected to approve IMF gold sales within days. A stronger tone in the US dollar possibly accentuated the downward move but given that some investors are still worried about potential long term inflation, gold showed a tendency of attracting fresh buying on pullbacks. In addition reports of increased hedge fund buying continue to offer good support for the yellow metal.
The short and long term trends are bullish while medium term trend is sideways.

Support: $943.55 (yesterday's low)
Resistance: $967.00 (high of 20/03/09)

Support: $935.55 (low of 21/05/09)
Resistance: $962.50 (high of 19/03/09)

Support: $929.60 (low of 06/03/09)
Resistance: $959.45 (yesterday's high)

9 day moving average - $943.53
14 day moving average - $936.53
40 day moving average - $907.23

Remain on the sidelines

Despite heightened geopolitical tensions following North Korea's nuclear tests, gold started the trading session sharply lower yesterday due to a rebound in the US dollar and profit taking after last week gains. Later on the yellow metal pared some losses as the greenback gave back its initial gains and equities climbed after a jump in consumer confidence managed to offset a weak report on housing. So gold finished the day $3.85 down at $952.35/oz but conditions still appear bullish with a general weakening US currency.

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

Support: $940.60 (yesterday's low)
Resistance: $967.00 (high of 20/03/09)

Support: $935.55 (low of 21/05/09)
Resistance: $962.50 (high of 19/03/09)

Support: $929.60 (low of 06/03/09)
Resistance: $957.40 (yesterday's high)

9 day moving average - $942.07
14 day moving average - $934.54
40 day moving average - $906.32

Gold holds steady.

Markets in the US and UK were shut yesterday for national holidays limiting the usual guidance for gold trading. So the yellow metal held steady supported especially by the news of North Korea conducting a second nuclear test although investors' rush to safe havens was limited. Before the nuclear test news, gold trended lower possibly due to some profit taking. Overall gold finished 1 dollar down closing at $956.05/oz.
The short and long term trends are bullish while medium term trend is sideways.

Support: $951.60 (yesterday's low)
Resistance: $967.00 (high of 20/03/09)

Support: $946.05 (low of 20/03/09)
Resistance: $962.50 (high of 19/03/09)

Support: $935.55 (low of 21/05/09)
Resistance: $959.80 (yesterday's high)

9 day moving average - $14.294
14 day moving average - $14.185
40 day moving average - $13.148

Buy gold at this correction

Gold extended its rally Friday as the US dollar remained under pressure enabling the precious metal to hit a fresh two-month high of $961.42/oz. Worries about possible ratings cut for US debt after Standard & Poor indicated Thursday that the UK's triple-A rating could be downgraded also supported the yellow metal. Towards the close some profit taking occurred in gold ahead of a three-day Memorial Day week end in the US yet the market remained in positive territory closing $3.85 higher at $956.35/oz.
The short and long term trends are bullish while medium term trend is sideways.

Support: $949.60 (Friday's low)
Resistance: $967.00 (high of 20/03/09)

Support: $946.05 (low of 20/03/09)
Resistance: $962.50 (high of 19/03/09)

: $935.55 (low of 21/05/09)
Resistance: $961.42 ( Friday's high)

9 day moving average - $939.84
14 day moving average - $932.21
40 day moving average - $905.82

Remain on the sidelines

Gold finished lower yesterday as the equity markets saw triple digits gains. It was the investors fleeing risk aversion trades and looking for better opportunities in stock or other currencies. In addition when the yellow metal could not maintain its recent upward momentum some long investors decided to book profits. Consequently gold lost 11.85 dollars to settle at $918.85 and crossing below the 9 day moving averages in the process.

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

Support: $918.85 (yesterday's low)
Resistance: $940.70 (high of 25/03/09)

Support: $917.00 (low of 13/05/09)
Resistance: $936.15 (high of 27/03/09)

Support: $911.25 (low of 12/05/09)
Resistance: $933.60 (yesterday's high)

Consolidation likely for gold.

After a quiet trading day gold finished slightly higher gaining $1.08 for the day to settle at $925.60/oz. The yellow metal's high and low were within the previous session range (Inside Day) which technically suggests rather consolidation. Some support came from producer prices showing higher than expected numbers and pushing gold mildly on inflation expectations but the next direction is likely to be influenced mainly by the US dollar moves.
The short term trend is sideways while the medium and long term trends are bullish.

Support: $919.95 (yesterday's low)
Resistance: $936.15 (high of 27/03/09)

Support: $911.25 (low of 12/05/09)
Resistance: $933.20 (high of 01/04/09)

Support: $895.30 (low of 06/05/09)
Resistance: $928.60 (yesterday's high)

9 day moving average - $916.89
14 day moving average - $907.98
40 day moving average - $903.19

More sideways movement for gold.

Gold stopped for a breather yesterday as the intraday high and low were within Friday's trading range. Pressure came from a higher US dollar against the Euro but the yellow metal found support from declines in the stock markets with lower crude oil prices also seen as having a bearish influence. As a result gold finished the day 3.05 dollars lower settling at $913.00/oz. The moving averages looks set to converge which technically could suggest more sideways movements.
The short term trend is sideways while the medium and long term trends are bullish.

Support: $908.20 (yesterday's low)
Resistance: $933.20 (high of 01/04/09)

Support: $895.30 (low of 06/05/09)
Resistance: $929.12 (high of 02/04/09)

Support: $884.05 (low of 04/05/09)
Resistance: $917.70 (yesterday's high)

9 day moving average - $904.17
14 day moving average - $903.20
40 day moving average - $904.44

Sideways movement for gold.

Initially gold moved down on Friday reaching an intraday low of $904.65/oz as higher equity markets and stronger than expected payrolls numbers prompted gold market participants to take profits. But later in the trading session the market become wary of selling gold too much because of the lower US dollar as inflation concerns are still looming. So overall gold finished slightly higher gaining 2.68 dollars to settle at $916.05/oz.
The short term trend is sideways while the medium and long term trends are bullish.

Support: $904.65 (Friday's low)
Resistance: $933.20 (high of 01/04/09)

Support: $895.30 (low of 06/05/09)
Resistance: $929.12 (high of 02/04/09)

Support: $884.05 (low of 04/05/09)
Resistance: $920.05 (Friday's high)

9 day moving average - $902.37
14 day moving average - $901.87
40 day moving average - $904.52

Consolidation likely for gold.

In an 'Inside Day' consolidation in which the high and low remain contained within the previous day's range gold moved $13.55 higher closing above the moving averages at $910.40/oz. The move was supported by the anticipation of US bank stress test results to be released later today and in line with the inflation expectation down the road once the economy improves. Other influences pushing the yellow metal higher include a softer US dollar and some strength in base metals in particular copper triggered by a strike in Chile.

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

Support: $895.30 (yesterday's low)
Resistance: $922.77 (high of 04/03/09)

Support: $884.05 (low of 04/05/09)
Resistance: $918.50 (high of 27/04/09)

Support: $871.50 (low of 16/04/09)
Resistance: $912.50 (yesterday's high)

9 day moving average - $898.18
14 day moving average - $896.94
40 day moving average - $904.94

Sideways movement for gold.

In early trading gold moved higher following the stock market and also supported by renewed inflationary expectations. A softer greenback, rumours that China keeps increasing its gold reserve and anticipation of US bank stress tests added to the support for the precious metal. Later on, as equities pared earlier gains gold fell back on profit taking and a recovery in the US dollar. So overall the precious metal lost $5.45 for the day to finish at $897.55/oz.

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

Support: $894.55 (yesterday's low)
Resistance: $922.77 (high of 04/03/09)

Support: $884.05 (low of 04/05/09)
Resistance: $918.50 (high of 27/04/09)

Support: $871.50 (low of 16/04/09)
Resistance: $915.75 (yesterday's high)

9 day moving average - $897.02
14 day moving average - $892.98
40 day moving average - $904.98

Stay on the sidelines.

Gold closed slightly lower Friday losing 75 cents to settle at $885.80/oz following a stable US dollar and a firming equity market. The precious metal's inability to break above the $900.00 level has accentuated the downside pressure with the swine flu outbreak not helping either. The recent gains in stock market have seen the risk aversion waning so the safe haven buying in gold is taking a hit too.
The short term trend is sideways while the medium and long term trends are bullish.

Support: $879.55 (Friday'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: $889.80 (Friday's high)

9 day moving average - $895.31
14 day moving average - $889.83
40 day moving average - $904.67