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
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11 years ago
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