Daily Gold Update – Wednesday 15-July-2009
Posted July 16, 2009on:
Gold opened at 937.00/938.00 and quickly rallied on USD weakness. Soon after, it dipped to its intraday low of 936.00/937.00 just ahead of reported CPI numbers which were benign. However, the metal continued to rise as oil and equity markets rallied alongside a weak USD, peaking at 941.50/942.50. Gold retreated from this level on light profit taking and traded within a narrow range for much of the session, finding significant resistance near 942.00. It ticked sideways as the session remained quiet, finally closing at 939.00/940.00.
Gold is showing its 5th up day in a row off of the 907 level to current 940. Massive technical resistance lies at 943 on a closing basis. Gold has held below that level since the break down on June 12. Price action is currently gaining strength, but we will not see fresh buying come into the market until Gold can close above 943.
Pivot – 933.24
Primary Support (Buy) – 924.27
Primary Resistance (Sell) – 948.33