Gold finished slightly lower Friday on pre-weekend profit taking, catching its breath after a sharp increase since the conclusion of the FOMC meeting. Technically gold lost just 1.70 dollars so this limited profit taking combined with the fact that the 9 day moving average crossed above the 40 day moving average are good indications for the bulls. The move was interpreted as ‘rather a healthy consolidation' by some traders given that gold is expected to rise further due to inflation fears.
The short term trend is sideways while the medium and long term trends are bullish.
Support: $946.05 (Friday's low)
Resistance: $978.10 (high of 25/02/09)
Support: $931.50 (low of 26/02/09)
Resistance: $974.17 (high of 17/02/09)
Support: $929.60 (low of 06/03/09)
Resistance: $967.00 (Friday's high)
9 day moving average - $936.6414 day moving average - $930.22
40 day moving average - $932.28
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