Gold Marketwatch – Friday 20/6/2009
Posted June 20, 2009on:
Gold opened at 936.00/937.00 and traded quietly within a narrow range for much of the morning. As the dollar lost ground, gold quickly rallied, reaching an intraday high of 938.75/939.75. Profit taking pulled it off its highs and the selling continued as equity markets retreated, dipping to 932.00/933.00. It ticked sideways as the session remained quiet, finally closing at 935.00/936.00.
Gold, at current 935, is showing as a “Down Week” for the third Friday in a row since touching 990. The metal has found support at 927.50 which represents the 50% retracement retracement of the 865 to 990 two month up move. The 100 day moving average is also giving support near 927.50 so we see this area as significant. On the topside 944 is pivotal as that level held as support for the first part of June but now offers resistance. We have now closed below 944 for 6 days in a row.
Pivot – 933.50
Primary Support (Buy) – 927.27
Primary Resistance (Sell) – 941.20