Daily Gold Update – Friday 10-July-2009
Posted July 12, 2009on:
Gold opened on its lows at 907.50/908.50 and ticked higher as the metal was well bid, finding resistance near 913.00. It dipped towards its lows as equity markets softened, but light buying carried it higher as the session moved sluggishly towards the close. The dollar lost steam as the day unwound and gold climbed to an intraday high of 913.50/914.50. The metal later slipped just below its highs to finally settle at 912.25/913.25.
Gold at 913 is completing its 5th down week out of the last 6 sessions. This move started up at 990 and risks falling to 865 in current bearish environment. The 913 level represents the 61.8% pull back from our 865 to 990 up move. This level also held as the low two weeks ago but this week we have seen lows near 906.
Pivot – 912.66
Primary Support (Buy) – 906.55
Primary Resistance (Sell) – 918.76