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)
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