Daily Gold Update – Monday 13-July-2009
Posted July 14, 2009on:
Gold opened at 912.50/913.50 in New York. The metal ticked lower as the session began on the back of rallying USD and weaker oil prices, dipping to an intraday low of 907.00/908.00 where good buying interest was seen. This downward move was reversed as the USD softened causing the metal to trade through resting stops between 916.00 and 919.00, eventually taking us to a high of 923.00/924.00. Light profit taking pushed the metal slightly lower, finally closing at 922.00/923.00.
Gold is seeing a nice bounce today to current 921 after finding support near 907 for the fourth day in a row. The close back above our 61.8% Fibo level at 913 has removed some of the down side pressure on the metal. Topside resistance will be found at the 100 day moving average near 925 and the 50% level at 927.50.
Pivot – 916.79
Primary Support (Buy) – 910.03
Primary Resistance (Sell) – 926.31