In early trading gold moved higher following the stock market and also supported by renewed inflationary expectations. A softer greenback, rumours that China keeps increasing its gold reserve and anticipation of US bank stress tests added to the support for the precious metal. Later on, as equities pared earlier gains gold fell back on profit taking and a recovery in the US dollar. So overall the precious metal lost $5.45 for the day to finish at $897.55/oz.
The short term trend is sideways while the medium and long term trends are bullish.
Support: $894.55 (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: $915.75 (yesterday's high)
9 day moving average - $897.02
14 day moving average - $892.98
40 day moving average - $904.98
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