Gold Daily Update – Tuesday 18 August 2009
Posted August 19, 2009on:
Gold opened at 935.75/936.75 in New York. Lower than expected housing starts and producer price index reports caused equity markets to tumble, sending gold downwards to its intraday low of 933.50/934.50. A weaker USD and recovering oil prices helped the metal rebound from its lows as it climbed to an intraday high of 939.25/940.25. Gold traded lightly as the session unwound, finally settling at 937.00/938.00.
Gold is closing slightly up today at 938 after two heavy days of selling. The 941 level still looks like near side resistance with risk for a drop back to 926. It will take a close back above 948 to neutralize the short term bearish price pressure.
Pivot – 938.99
Primary Support (Buy) – 929.60
Primary Resistance (Sell) – 947.64