Gold Dailywatch – Monday 29/6/2009
Posted June 29, 2009on:
Gold opened at 941.50/942.50 and ticked slightly higher, peaking at 942.50/943.50. It later retreated on light trading, finding support near 937.00. However profit taking dragged it lower, dipping to 934.00/935.00 before making back lost ground. The market was very quiet and the metal traded within a range, gathering momentum during the early afternoon. It climbed above 940.00 usd/ozs and move sideways as the session unwound, finally settling at 940.25/941.25.
Gold is showing unchanged from Fridays close near current 938. The Doji day is a market resting after experiencing extremes over the past week between 913 and 948. We see 943 as a key topside level from a close basis. This level represents the 38.2% Fibo of the 865 to 990 bull run and the 38.2% pull back of the 990 to 913 bear run. If we can close back through that level it puts the 952 and 960 Fibo levels back in play. On the down side, we have raised our trailing stop loss on our bullish view to 932 from 927.
Pivot – 940.26
Primary Support (Buy) – 932.04
Primary Resistance (Sell) -946.12