Gold Daily Update – Tuesday 28-July-2009
Posted July 28, 2009on:
Gold opened at 950.00/951.00 and was well bid as the session got underway, peaking at 953.00/954.00. However as equity markets slumped the metal tumbled and it was quickly swept lower, finding support near 940.00. Gold recovered but traded within a range until more heavy selling dragged the metal to an intraday low of 933.50/934.50. A small correction near the latter end of the day carried it marginally higher to finally settle at 938.25/939.35.
Gold is closing down below pivotal technical support of 943 at current 938. We have shifted our bias to neutral from bullish as a result of this move. The inability of the unit to get up through the 960 Fibo retracement level caused a failure move to the downside. The risk from current level, is a deeper pull back to congestion support 927 and 100 day moving average at 926.
Pivot – 943.61
Primary Support (Buy) – 928.30
Primary Resistance (Sell) – 952.76