Gold Daily Update – Monday 27-July-2009
Posted July 28, 2009on:
Gold opened at 955.25/956.25 and initially slipped, but later recovered on the back of investor demand, climbing to an intraday high of 957.25/958.25. The dollar continued to rally on the back of better than expect new home sales causing gold to tick lower. Support was established near 952.00 and gold traded lightly within a range as the market went quiet. Softer oil prices inspired more selling, dragging the metal to a low of 950.50/951.50 and it moved sideways as the session unwound, closing at 953.25/954.25.
Gold has edged higher again to current 954. This marks the 6th day in a row that the unit has closed above key technical pivot 943. Topside resistance is seen at 960 Fibo level ahead of 990 June high. The pressure remains toward the Top End of the range with only a close below 943 shaking our bullish outlook.
Pivot – 953.58
Primary Support (Buy) – 948.14
Primary Resistance (Sell) – 960.05