Daily Gold Update – Tuesday 14-July-2009
Posted July 14, 2009on:
Gold opened at 922.00/923.00. As the session began, mixed economic data (higher than expected PPI and lower than expected retail sales figures) caused the metal to quickly peak at 927.50/928.50. After the initial spike, the market went extremely quiet and the metal traded within a narrow range, establishing good support near 924.00. Weaker oil prices along with a rallying USD briefly drove the metal to an intraday low of 922.00/923.00. The metal rebounded from its lows and traded quietly to the end of the session, finally closing at 922.50/923.50.
Gold registered an up day for the fourth day in a row to current 924. The unit took a run at the old 50% Fibo congestion area of 927.50 but the area held first visit. This 924 is where the 100 day moving average lies. No great technical inspiration at current levels but the 907 level appears a firm base after 4 days of good buying at that area. We are neutral with 907 and 943 the major technical pivots.
Pivot – 920.25
Primary Support (Buy) – 912.66
Primary Resistance (Sell) – 932.42