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
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