Gold closed near flat on Friday as activity was subdued due to the US out on holiday for the Fourth of July. Many analysts consider the yellow metal vulnerable to a deeper correction in the short to medium term adding that prices need to go lower to attract renewed institutional demand. Currently the investment demand is considered weak as gold holdings at the largest exchange traded fund have declined more than 13 tons since the beginning of June.
The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.
Support: $929.35 (Friday's low)
Resistance: $958.20 (high of 12/06/09)
Support: $917.85 (low of 22/06/09)
Resistance: $941.10 (high of 02/07/09)
Support: $912.70 (low of 23/06/09)
Resistance: $934.32 (Friday's high)
9 day moving average - $934.60
14 day moving average - $933.22
40 day moving average - $943.35
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