Initially gold moved higher boosted by a weaker US dollar partly in response to comments from the People's Bank of China saying it will push for reforms of the international currency system and reduce over reliance on the dollar. This in turn was well received by the gold traders after China also mentioned that gold could be a better alternative. Nevertheless the yellow metal backed down towards the closing on profit taking ahead of week end settling at $938.05/oz down $1.05 for the day.
The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.
Support: $935.80 (Friday's low)
Resistance: $961.87 (high of 11/06/09)
Support: $929.25 (low of 25/06/09)
Resistance: $958.20 (high of 12/06/09)
Support: $912.70 (low of 23/06/09)
Resistance: $948.22 (Friday's high)
9 day moving average - $933.41
14 day moving average - $936.67
40 day moving average - $940.49
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12 years ago
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