Gold Daily Update – Wednesday 29-July-2009
Posted July 30, 2009on:
Gold opened at 935.25/936.25 in New York. The metal climbed briefly as the session began, reaching an intraday high of 938.25/939.25. This move quickly reversed as the dollar went on the offensive and the metal quickly retreated. Oil inventories far surpassed expectations causing it to tumble and gold followed, slipping to a low of 925.25/926.25. It became bid near its lows and made back lost ground to finally settle at 926.50/927.50.
Gold failed to regain the 943 level today so it tried lower. The metal found support at 926 the 100 day moving average. Our close here at current 928.50 is weak and the risk is for continued liquidation of long Gold positions. Topside resistance will likely appear now at 933 (yesterdays low) and support is seen at 905/907 from early July.
Pivot – 937.53
Primary Support (Buy) – 918.27
Primary Resistance (Sell) – 949.17