Remain on the sidelines.

Initially gold moved higher boosted by a weaker US dollar partly in response to comments from the People's Bank of China saying it will push for reforms of the international currency system and reduce over reliance on the dollar. This in turn was well received by the gold traders after China also mentioned that gold could be a better alternative. Nevertheless the yellow metal backed down towards the closing on profit taking ahead of week end settling at $938.05/oz down $1.05 for the day.

The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $935.80 (Friday's low)
Resistance: $961.87 (high of 11/06/09)

Support: $929.25 (low of 25/06/09)
Resistance: $958.20 (high of 12/06/09)

Support: $912.70 (low of 23/06/09)
Resistance: $948.22 (Friday's high)

9 day moving average - $933.41
14 day moving average - $936.67
40 day moving average - $940.49

Buy gold while remaining on the sidelines.

Gold continued to rally on bargain hunting yesterday following expectations that a low interest environment will eventually lead to inflation. Some comments from a Chinese official suggesting the country buy more gold in case of US dollar getting weaker also seemed to help the precious metal. After the World Bank's downward forecast for the global economy additional support came from a rise in US initial jobless claims. So unsurprisingly gold finished $6.80 higher at $939.15/oz.

The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $929.25 (yesterday's low)
Resistance: $958.20 (high of 12/06/09)

Support: $912.70 (low of 23/06/09)
Resistance: $943.15 (high of 17/06/09)

Support: $904.65 (low of 08/05/09)
Resistance: $940.27 (yesterday's high)

9 day moving average - $933.45
14 day moving average - $938.25
40 day moving average - $939.72

Gold moved higher today.

Gold moved higher gaining $7.72 to finish at $932.62/oz despite a rebound in the US dollar which usually means downward pressure for the precious metal. The move was possibly driven by a return to risk appetite encouraged by a stronger than forecasted US durable goods report. Some extra support may have come from tensions with North Korea which prompted flight to quality and also continued worries about reserve currency status of the US currency.

The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $921.65 (yesterday's low)
Resistance: $958.20 (high of 12/06/09)

Support: $912.70 (low of 23/06/09)
Resistance: $943.15 (high of 17/06/09)

Support: $904.65 (low of 08/05/09)
Resistance: $941.30 (yesterday's high)

9 day moving average - $931.81
14 day moving average - $938.85
40 day moving average - $938.23

More consolidation for gold is likely.

Gold managed to recover some of Monday's heavy decline on a weaker US dollar and intraday rise in crude oil price. The yellow metal gained $3.12 to settle at $924.80/oz but only after falling to a 6 week low in early trading. However, the investment demand seems to be on a downward path suggested by the data on the holdings of exchange traded funds showing small withdrawals following a period of 12 straight days within the same levels.

The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $912.70 (yesterday's low)
Resistance: $939.10 (high of 19/06/09)

Support: $904.65 (low of 08/05/09)
Resistance: $935.00 (high of 22/06/09)

Support: $895.30 (low of 06/05/09)
Resistance: $926.99 (yesterday's high)

9 day moving average - $931.15
14 day moving average - $939.67
40 day moving average - $936.79

Remain on the sidelines.

Gold declined sharply yesterday on the back of the US dollar strengthening and funds selling the precious metal along with equities on weakening economic outlook. The World Bank warned that prospects for the global economy remained uncertain despite recent signs of improvement and in turn cut its 2009 forecasts for most countries. As a result gold dropped $12.20 with some analyst mentioning the possibility for a test of $900.00/oz. Important to point out is the cross between the 9 and 40 days moving averages.
The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $917.85 (yesterday's low)
Resistance: $956.02 (high of 21/05/09)

Support: $914.93 (low of 18/05/09)
Resistance: $939.10 (high of 19/06/09)

Support: $911.25 (low of 12/05/09)
Resistance: $935.00 (yesterday's high)

9 day moving average - $933.88
14 day moving average - $942.95
40 day moving average - $935.84

Consolidation continues for gold.

Gold continued to consolidate closing marginally higher (5 cents) largely on a string of mixed news: crude oil fell which tends to hurt gold but the US dollar also fell which usually supports the yellow metal. In addition some analysts pointed that safe heaven flows into gold have come to a standstill with ETFs holding also not moving anywhere. So the seasonally soft period for gold could potentially bring lower corrections even though inflation remains supportive for the long term.
The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $931.90 (Friday's low)
Resistance: $961.87 (high of 11/06/09)

Support: $919.95 (low of 14/05/09)
Resistance: $956.02 (high of 21/05/09)

Support: $914.93 (low of 18/05/09)
Resistance: $939.10 (Friday's high)

9 day moving average - $937.16
14 day moving average - $945.06
40 day moving average - $936.58

Consolidation likely for gold.

We saw an 'Inside Day' pattern in gold with the high and low engulfed by the previous day ones which confirmed the consolidation range of the last few sessions probably waiting for the next trigger. The seasonally slow summer period has not seen strong demand but some buying interest does seem to emerge on dips. Yesterday's decline of $7.62 confirmed gold's correction from early June highs with traders closely monitoring the potential effect on gold from a seasonal sell off in equity markets.

The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $929.74 (yesterday's low)
Resistance: $961.87 (high of 11/06/09)

Support: $919.95 (low of 14/05/09)
Resistance: $956.02 (high of 21/05/09)

Support: $914.93 (low of 18/05/09)
Resistance: $941.50 (yesterday's high)

9 day moving average - $941.80
14 day moving average - $950.75
40 day moving average - $934.79

Remain on the sidelines.

Gold moved higher in early trading helped by the combination of a weaker US dollar and stronger crude oil. Later on the yellow metal came down from the initial highs following US economic data: the Producer Price Index was less than consensus forecast making gold less attractive as an inflation hedge and the stronger than expected housing data signalled the possibility of reduced interest in gold as a safe heaven. Nevertheless gold finished the day $3.65 higher settling at $934.00/oz.

The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $928.70 (yesterday's low)
Resistance: $956.02 (high of 21/05/09)

Support: $919.95 (low of 14/05/09)
Resistance: $940.61 (high of 20/05/09)

Support: $914.93 (low of 18/05/09)
Resistance: $939.70 (yesterday's high)

9 day moving average - $945.78
14 day moving average - $956.55
40 day moving average - $933.38

Low interest for gold.

Gold remained under pressure falling another $7.23 to settle at $930.57/oz and crossing below the 40 day moving averages in the process. The move was undoubtedly driven by a stronger US dollar against the Euro after European Central Bank's biannual stability review said the financial sector may face more tests due to corporate defaults. Some analysts also pointed out a reduced interest for the gold market during summer vacations due to very few gift giving festivals around the world.
The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $925.25 (yesterday's low)
Resistance: $956.02 (high of 21/05/09)

Support: $919.95 (low of 14/05/09)
Resistance: $940.61 (high of 20/05/09)

Support: $914.93 (low of 18/05/09)
Resistance: $938.90 (yesterday's high)

9 day moving average - $945.76
14 day moving average - $956.54
40 day moving average - $933.38

Remain on the sidelines.

Profit taking ahead of weekend pressured gold which finished sharply lower on strength in the US dollar. The greenback rose against the Euro after European Central Bank President Jean Claude Trichet said the economic outlook remains difficult and unpredictable following data showing euro-zone industrial production slumped to a fresh low in April. So the yellow metal lost $18.75 with the chart showing the third day of a lower low than the previous session, another bearish feature after the cross between the short term moving averages.

The short and long term trends are bullish while medium term trend is sideways.

Support: $935.95 (Friday's low)
Resistance: $980.17 (high of 29/05/09)

Support: $924.75 (low of 20/05/09)
Resistance: $961.87 (high of 11/06/09)

Support: $919.95 (low of 14/05/09)
Resistance: $958.20 (Friday's high)

9 day moving average - $951.74
14 day moving average - $959.08
40 day moving average - $932.57

Consolidation in gold continues.

Gold moved lower in early trading following a higher US dollar after US retail sales data came in marginally below expectations. However with the gains in the greenback being relatively mild initially, the direction in the yellow metal remained uncertain and later on a falling dollar has pushed gold into positive territory settling $3.33 higher at $956.85/oz. So the consolidation in gold continued albeit a choppy trading session and important to point out is the imminent cross between the 9 and 14 day moving averages.

The short and long term trends are bullish while medium term trend is sideways.

Support: $942.45 (yesterday's low)
Resistance: $989.95 (high of 03/05/09)

Support: $935.55 (low of 21/05/09)
Resistance: $980.17 (high of 29/05/09)

Support: $924.75 (low of 20/05/09)
Resistance: $961.87 (yesterday's high)

9 day moving average - $961.74
14 day moving average - $962.04
40 day moving average - $930.26

Consolidation seen for gold today.

Initially gold went higher but following the strengthening in the US dollar it ended the trading session into negative territory. However the $2.90 decline in gold seemed to be a consequence of longs liquidating to book profits rather than investors getting short, a sign that markets are still sceptical about a follow through in the greenback's rebound. Technically we saw an 'Outside Day' pattern (higher high and lower low) with the chart showing a price action resembling consolidation move.

The short and long term trends are bullish while medium term trend is sideways.

Support: $946.63 (yesterday's low)
Resistance: $989.95 (high of 03/05/09)

Support: $935.55 (low of 21/05/09)
Resistance: $980.17 (high of 29/05/09)

Support: $924.75 (low of 20/05/09)
Resistance: $965.40 (yesterday's high)

9 day moving average - $963.75
14 day moving average - $961.93
40 day moving average - $928.00

Buy gold while remaining on the sidelines.

Helped by the widely debated re emergence of some weakness in the US dollar, gold finished modestly higher yesterday gaining $1.95 to settle at $955.75/oz. Initially some physical buying added support to the yellow metal but towards closing time the advance was limited as gold ran into technical oriented selling. The reason for that was the violation of a longer term uptrend following the pullback in recent days.

The short and long term trends are bullish while medium term trend is sideways.

Support: $946.80 (yesterday's low)
Resistance: $982.80 (high of 04/05/09)

Support: $935.55 (low of 21/05/09)
Resistance: $966.90 (9 day moving average)

Support: $924.75 (low of 20/05/09)
Resistance: $961.80 (yesterday's high)

9 day moving average - $966.90
14 day moving average - $962.34
40 day moving average - $926.14

More consolidation likely for gold.

Gold remained on the defensive for the second trading day in a row as the US dollar continued to appreciate against the Euro supported by global equity markets weakness, general risk aversion and a downgrade to Standard & Poor's credit rating for Ireland. There were long liquidation and sell stops triggered with the downward move possibly accentuated by reports of a slight decline in physical holdings of gold ETFs. Although towards the close the yellow metal managed to regain some of the losses, it settled $1.47 lower at $953.83/oz.

The short and long term trends are bullish while medium term trend is sideways.

Support: $942.85 (yesterday's low)
Resistance: $982.80 (high of 04/05/09)

Support: $935.55 (low of 21/05/09)
Resistance: $966.24 (9 day moving average)

Support: $924.75 (low of 20/05/09)
Resistance: $959.70 (yesterday's high)

9 day moving average - $966.24
14 day moving average - $961.40
40 day moving average - $924.27

Remain on the sidelines.

Gold fell sharply yesterday triggered by a strong rebound in the US dollar with the weaker tone in equity markets possibly adding to the decline in the precious metal. Long liquidation and profit taking were mentioned which also placed other commodities on the defensive. Towards the close gold accelerated to the downside as sell stops were hit finishing the day $18.32 lower at $964.50/oz. Some traders pointed that selling might have occurred as a result of disappointment that gold could not hit $1000 level after reaching an intraday high of $989.95/oz.

The short and long term trends are bullish while medium term trend is sideways.

Support: $960.30 (yesterday's low)

Resistance: $1000.00 (psychological level)

Support: $958.35 (low of 29/05/09)

Resistance: $995.65 (high of 24/02/09)

Support: $944.00 (low of 28/05/09)

Resistance: $989.95 (yesterday's high)

9 day moving average - $964.78

14 day moving average - $955.26

40 day moving average - $919.18

Gold is in buying phase.

The rally in gold continued on Friday reaching an intraday high of $980.17/oz after an increasing weakness in the US dollar across a number of currencies. Historically the precious metal has tended to rise when the US currency falls as investors search for an alternative currency. The potential for inflation also supports gold but following an improved optimism on a global scale funds are now buying commodities across the board. So gold gained $18.88 closing at $979.00/oz looking ready to challenge the key psychological $1000 mark.
The short and long term trends are bullish while medium term trend is sideways.

Support: $958.35 (Friday';s low)
Resistance: $995.65 (high of 24/02/09)

Support: $944.00 (low of 28/05/09)
Resistance: $987.28 (high of 18/02/09)

Support: $935.55 (low of 21/05/09)
Resistance: $980.17 (Friday';s high)

9 day moving average - $14.895
14 day moving average - $14.567
40 day moving average - $13.412