Gold Daily Update – Thursday 13 Aug 2009
Posted August 14, 2009on:
Gold opened at 959.25/960.25 and climbed on the back stronger oil prices and a weaker USD, peaking at 960.75/961.75. Worse than expected retail sales caused equity markets to tumble and the metal quickly followed. Gold fell to an low of 952.00/953.00 before managing to recover. It became well bid as oil recaptured lost ground and equity markets rebounded. Resistance was found near 960.00 and the market ticked sideways as the session unwound, closing at 954.25/955.25.
Gold closed relatively unchanged, though slightly down on the day, after trying to the highest intraday level in three sessions. This removes some of the downside heaviness in the metal’s price action this week, though we are still trading well below the level where we began the week. While we’ve documented where support is to be found on an intraday basis this week, the topside seems to be constrained at $960 on a closing basis. Downtrend resistance currently comes in $969.75, with a break of that leading to a $980 target.
Pivot – 951.87
Primary Support (Buy) – 943.08
Primary Resistance (Sell) – 963.48