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
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11 years ago
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