August Gold was slightly lower overnight
Tuesday 21 July 2009 at 8:11 am
August Gold was slightly lower due to light profit taking overnight as it consolidates some of Monday’s rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If August extends this month’s rally, the reaction high crossing at 966.70 is the next upside target. Closes below the 10-day moving average crossing at 929.20 would temper the near-term friendly outlook.
First resistance is Monday’s high crossing at 955.40. Second resistance is the reaction high crossing at 966.70. First support is the 20-day moving average crossing at 931.20. Second support is the 10-day moving average crossing at 929.20.