Healthy consolidation for gold today.

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 - $936.64
14 day moving average - $930.22
40 day moving average - $932.28

Sideways movement for gold.

Gold continued its rally yesterday supported by a weaker US dollar although the trading session was rather quiet because of US Labour Day. The gains are placing gold one step closer to the psychological important $1000.00/oz level which is likely to be tested in the near future. However some analysts pointed out that demand in India and the Middle East remains weak so the recent rise will need to get support from a strong investors' interest. Silver rose with gold posting another record high for the year at $16.370/oz and its outlook is even better given that the precious metals market still considers silver undervalued compared to gold.

Consolidation likely for gold.

Gold finished slightly lower as market participants booked some profits in reaction to previous sessions rally. Despite losing $2.27 to settle at $936.50/oz the move was largely interpreted as consolidation with the market searching for the next direction. Technically the 40 day moving average provided good resistance level just like the day before with gold showing an 'inside day' pattern ( lower high and higher low).

The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $932.40 (yesterday's low)
Resistance: $948.22 (high of 26/06/09)

Support: $924.05 (low of 15/07/09)
Resistance: $946.60 (high of 01/07/09)

Support: $917.25 (low of 14/07/09)
Resistance: $939.90 (yesterday's high)

9 day moving average - $923.51
14 day moving average - $926.44
40 day moving average - $941.11

Remain on the sidelines.

Gold spent most of the day near steady as market participants were positioning themselves for the earnings and economic reports later in the week including the Producer Price Index, retail sales, jobless claims and housing starts. Nevertheless the yellow metal rallied into the close on short covering pushed higher by a rebound in the equity markets and a slide in the US currency. As a result gold moved $6.65 up to settle at $918.80/oz after briefly crossing above the 9 day moving average.
The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $907.45 (yesterday's low)
Resistance: $932.10 (high of 07/07/09)

Support: $895.30 (low of 06/05/09)
Resistance: $926.40 (14 day moving average)

Support: $889.45 (low of 23/04/09)
Resistance: $923.32 (yesterday's high)

9 day moving average - $920.42
14 day moving average - $926.40
40 day moving average - $941.84

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

Consolidation likely for gold.

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

Consolidation likely for gold.

Gold was badly hit yesterday largely in reaction to a rebound in the US dollar and in line with the whole commodities spectrum as funds were liquidating at the end of the month across the board. A weak US consumer confidence has been interpreted as less inflationary triggering a flight to quality, but in the greenback thus hurting gold. Consequently the yellow metal dropped below the short term moving averages settling $10.12 down at $928.85/oz.

The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support: $922.60 (yesterday's low)
Resistance: $961.87 (high of 11/06/09)

Support: $917.85 (low of 22/06/09)
Resistance: $958.20 (high of 12/06/09)

Support: $912.70 (low of 23/06/09)
Resistance: $944.90 (yesterday's high)

9 day moving average - $931.90
14 day moving average - $933.11
40 day moving average - $941.80