Gold Daily Update – Friday 31-July-2009
Posted August 1, 2009on:
Gold opened at 936.00/937.00 and ticked lower on light selling, reaching 931.50/932.50 before climbing on the back of good investor demand. Resistance was established near 943.00 and the metal traded sideways within a narrow range. However a slumping dollar and rallying oil inspired heavy buying, triggering stops, driving gold higher. Within seconds it spiked to an intraday high of 957.50/958.50, before pulling back and finally settling at 953.25/954.25.
Gold staged a very strong 20 dollar rally today to current 954. The week is showing as an “up week” for the third session in a row in a move that started down at 905. Topside resistance lies at Fibonacci level at 960 followed by June high 990. Gold was weak for the whole week dealing down to 926, the 100 day moving average.
Pivot – 945.35
Primary Support (Buy) – 933.92
Primary Resistance (Sell) – 962.98