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
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