Gold Daily Update – Friday 24-July-2009
Posted July 25, 2009on:
Gold opened at 950.50/951.50 in New York. It was lightly bid as the session began reaching its intraday high of 954.00/955.00 on the back of rallying oil prices. However, this move was reversed as oil prices retreated, dragging gold to its intraday low of 950.25/951.25. It ticked higher from its lows on thin trading as the market went quiet for the remainder of the session, finally settling at 952.75/953.75.
Gold is registering its second Up week in a row at current 951. Our focus is on the April 865 to June 990 up move. This week we finally broke back above the 38.2% retracement level at 943 after holding below that level for the past 5 weeks. We are bullish Gold while 943 holds looking for a test of 23.6% Fibo at 960.50 and then 990.
Pivot – 952.26
Primary Support (Buy) – 946.96
Primary Resistance (Sell) – 957.39