Gold Dailywatch – Thursday 25/6/2009
Posted June 26, 2009on:
Gold opened at 936.50/937.50 and quickly retreated as the dollar gathered strength, dipping to a low of 932.75/933.75. Today’s economic data was relatively benign and later gold made back lost ground as equity markets rallied, finding significant resistance near 939.00. It retreated from this level on light profit taking and traded within a range for much of the session. The dollar tumbled as the day unwound, helping gold climb to an intraday high of 940.00/941.00 and it closed just below its highs at 939.00/940.00.
Gold is moving up nicely today to current 938 from yesterdays close of 931. This is the third ‘Up’ day in a row. We believe Gold ended its recent bear move when it traded to 913 on Monday. Considering the 990 to 913 drop our 38.2% target retracement is 942 followed by 951.50 the 50% level. The stop loss on our bullish view would be a drop back below 927 the 100 day ma.
Pivot – 934.77
Primary Support (Buy) – 927.54
Primary Resistance (Sell) – 947.04