Friday, July 10, 2009

Remain on the sidelines.

Following the heavy sell off on Wednesday gold has bounced yesterday on bargain hunting with the market participants now viewing the precious metal as oversold. The rebound was supported by a weaker US dollar but crude oil retreating from early advances also held gold back. Overall the precious metal gained $5.95 to settle at $913.60/oz in an 'inside day' trading pattern.
The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $905.60 (yesterday's low)
Resistance: $932.10 (high of 07/07/09)

Support: $895.30 (low of 06/05/09)
Resistance: $925.65 (high of 08/07/09)

Support: $889.45 (low of 23/04/09)
Resistance: $918.70 (yesterday's high)

9 day moving average - $924.06
14 day moving average - $927.87
40 day moving average - $942.03

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