Monday, June 22, 2009

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

No comments:

Post a Comment