Daily Gold Update – Thursday 9-July-2009
Posted July 10, 2009on:
Gold opened at 913.50/914.50 and ticked lower as the session began, following weaker oil prices, dipping to an intraday low of 909.70/910.70. However this move later reversed as oil recaptured lost ground and the USD softening against major currencies. Gold managed to rally to an intraday high of 918.50/919.50 before retreating from its highs on light profit taking to finally settle at 915.75/916.75.
Gold is showing as an up day at 913 following 5 down days off the 946 level. The inability to follow through lower in the overnight has helped stabilize the unit. The technical picture remains weak with the 100 day moving average now rolling lower to 925. The market will sell any rally in the unit now looking for a drop down toward 865.
Pivot – 914.32
Primary Support (Buy) – 902.86
Primary Resistance (Sell) – 923.53