Gold Daily Updated – Monday 20-July-2009
Posted July 21, 2009on:
Gold opened at 952.00/953.00 and ticked higher as the USD weakened and oil prices rallied where the metal reached an intraday high of 955.00/956.00. However, the metal lost steam as oil prices slumped, causing the metal to dip to an intraday low of 946.25/947.25. Gold climbed marginally higher where it traded quietly as the session unwound, finally closing at 948.50/949.50.
Gold price action is bullish having finally taken out our critical 943 resistance, moving to current 950. The 943 area had held on 9 separate days since breaking down lower on June 12. Now that we are above this level, we believe that it will act as strong support on any pull back. The next topside resistance is seen at 23.6% Fibo at 960 followed by June high 990.
Pivot – 945.79
Primary Support (Buy) – 936.30
Primary Resistance (Sell) – 959.46