Gold moved higher in early trading helped by the combination of a weaker US dollar and stronger crude oil. Later on the yellow metal came down from the initial highs following US economic data: the Producer Price Index was less than consensus forecast making gold less attractive as an inflation hedge and the stronger than expected housing data signalled the possibility of reduced interest in gold as a safe heaven. Nevertheless gold finished the day $3.65 higher settling at $934.00/oz.
The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.
Support: $928.70 (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: $939.70 (yesterday's high)
9 day moving average - $945.78
14 day moving average - $956.55
40 day moving average - $933.38
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