Market Commentary
Gold opened at 940.50/941.50 in New York. It was lightly bid as the session began, peaking at 942.00/943.00. However this level could not be sustained as the metal became well offered and it quickly tumbled below 940.00 usd/ozs, finding support near 935.00. Consumer confidence fell short of expectation causing equity markets to retreat and gold followed, plunging to an intraday low of 922.00/923.00. It ticked higher from its lows on thin trading as the market went quiet, finally settling at 926.50/927.50.

Technical Commentary
Gold tumbled $10 lower today to current 928. We have turned neutral at the current levels due to the metals inability to regain the 943 resistance. This 943 area is our significant hurdle due to a couple of 38.2% Fibonacci retracements and former June support. Down side sees the 100 day moving average support at 928 followed by last weeks low of 913.

Technical Analysis

Pivot – 940.26

Primary Support (Buy) – 932.04

Primary Resistance (Sell) – 946.12

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