Gold Marketwatch – Thursday 18/6/2009
Posted June 19, 2009on:
Gold opened at 938.00/939.00 and traded erratically within a range, climbing above 940.00 usd/oz, reaching an intraday high of 941.25/942.25. Philly Fed index improved significantly month-over-month, helping the dollar rally and gold retreated from its highs. Support was established near 935.00, but the metal later sank below this level as it was well offered, slipping to a low of 931.00/932.00. The market went very quiet as session unwound and gold took back lost ground to finally settle at 933.25/934.25.
Gold displayed more sideways price action today within yesterdays range. At current price 934, that makes it 5 days in a row that we have held below former key support 944. The downside support 100 day moving average sits close to the 50% retracement level at 927. We remain bearish Gold while 944 holds on a close basis. Expect another wave lower to 912, the 61.8% retracement area.
Pivot – 933.50
Primary Support (Buy) – 927.27
Primary Resistance (Sell) – 941.20