Gold declined sharply yesterday on the back of the US dollar strengthening and funds selling the precious metal along with equities on weakening economic outlook. The World Bank warned that prospects for the global economy remained uncertain despite recent signs of improvement and in turn cut its 2009 forecasts for most countries. As a result gold dropped $12.20 with some analyst mentioning the possibility for a test of $900.00/oz. Important to point out is the cross between the 9 and 40 days moving averages.
The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.
Support: $917.85 (yesterday's low)
Resistance: $956.02 (high of 21/05/09)
Support: $914.93 (low of 18/05/09)
Resistance: $939.10 (high of 19/06/09)
Support: $911.25 (low of 12/05/09)
Resistance: $935.00 (yesterday's high)
9 day moving average - $933.88
14 day moving average - $942.95
40 day moving average - $935.84
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