Gold Dailywatch – Friday 26/6/2009
Posted June 27, 2009on:
Gold open at 946.00/947.00 and ticked higher as the USD softened against major currencies, peaking at 947.75/948.75. However the metal lost steam and began to retreat as oil slumped and equity markets lost ground. Support was established near 940.00, however it continued to be offered, forcing gold lower. It slipped to an intraday low of 935.75/936.75 before climbing marginally higher where it traded quietly as the session unwound, finally closing at 940.00/941.00.
Gold weekly chart is showing as an “Outside UP” week after 3 down sessions. From a Fibonacci retracement perspective Gold bounced off 913 which is its 38.2% retracement support from the 865 to 990 up move. On the daily chart Gold at 940 shows as a small up day for the 4th day in a row. We are constructive on Gold heading into next week with initial target seen at 951.50 and support now at 933.
Pivot – 939.48
Primary Support (Buy) – 930.46
Primary Resistance (Sell) – 948.81