Monday, May 11, 2009

Sideways movement for gold.

Initially gold moved down on Friday reaching an intraday low of $904.65/oz as higher equity markets and stronger than expected payrolls numbers prompted gold market participants to take profits. But later in the trading session the market become wary of selling gold too much because of the lower US dollar as inflation concerns are still looming. So overall gold finished slightly higher gaining 2.68 dollars to settle at $916.05/oz.
The short term trend is sideways while the medium and long term trends are bullish.

Support: $904.65 (Friday'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: $920.05 (Friday's high)

9 day moving average - $902.37
14 day moving average - $901.87
40 day moving average - $904.52

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