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
Passionate and light sensual kiss all over you
11 years ago
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