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
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11 years ago
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