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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12 years ago
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