Gold Daily Update – Friday 17-July-2009
Posted July 20, 2009on:
Gold opened at 932.50/933.50 in New York and dipped briefly to its intraday low of 931.25/932.25 early in the session. Gold’s downward move was quickly reversed as oil and base metal prices rallied, triggering short covering, eventually taking it to a high of 939.25/940.25. The metal was well
supported near 937.00 and continued to trade range bound for the remainder of the session, finally settling at 937.75/938.75.
Gold is showing a strong up week at current 938 versus last weeks close at 914. This is the first real up week of note in the past 7. The down move travelled from 990 to 905 prior to this weeks bounce. The 943 level continuesto offer significant resistance as it represents the 38.2% retracementof the 865 to 990 bull move. If we can take out this 943 then the nexttrue resistance is not seen until 990. Downside support now lies at 927.50 and 905.
Pivot – 936.40
Primary Support (Buy) – 932.03
Primary Resistance (Sell) – 940.68