Profit taking ahead of weekend pressured gold which finished sharply lower on strength in the US dollar. The greenback rose against the Euro after European Central Bank President Jean Claude Trichet said the economic outlook remains difficult and unpredictable following data showing euro-zone industrial production slumped to a fresh low in April. So the yellow metal lost $18.75 with the chart showing the third day of a lower low than the previous session, another bearish feature after the cross between the short term moving averages.
The short and long term trends are bullish while medium term trend is sideways.
Support: $935.95 (Friday's low)
Resistance: $980.17 (high of 29/05/09)
Support: $924.75 (low of 20/05/09)
Resistance: $961.87 (high of 11/06/09)
Support: $919.95 (low of 14/05/09)
Resistance: $958.20 (Friday's high)
9 day moving average - $951.74
14 day moving average - $959.08
40 day moving average - $932.57
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12 years ago
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