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
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