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
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