Gold Dailywatch – Thursday 2 July 2009
Posted July 4, 2009on:
Gold opened at 932.75/933.75 in New York. Nonfarm payrolls were much worse than expected and gold traded erratically, climbing to an intraday high of 934.50/935.50 before following weaker equity markets. The metal gapped lower, reaching an intraday low of 926.00/927.00. Good bids carried it higher, finding resistance near 930.00 and was later stuck in a holding pattern. Gold continued to traded lightly within a range as the session unwound, closing at 930.00/931.00.
Gold is closing near the 933 level. The metal has been trapped the last few days between 927 and 943 and trading this range. We are neutral gold at these levels. We will become bullish if gold is able to take out 943 on a close basis. This level represents the 38.2% Fibonacci of our two month bull move and also the 38.2% Fibonacci of our one month bear run. The 100 day moving average at 927.50 seems to be holding the unit on the down side. A close below here would open 913.
Pivot – 934.12
Primary Support (Buy) – 922.18
Primary Resistance (Sell) – 941.94