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Gold trading: Technical analysis (MNI)

Posted by Akhilesh Ganti on Apr 24, 2013 7:15:00 PM

GOLD TECHS: Closes Near Day's Highs In NY

RES 4: $1540.7 - Previous daily support now resistance
RES 3: $1523.0 - Monthly low Dec 29 2011
RES 2: $1460.0 - Hourly resistance Apr 15
RES 1: $1439.2 - 200 week moving average

PRICE: 1430.50 @ 2315GMT

SUP 1: $1404.3 - Low Apr 22
SUP 2: $1340.4 - Low Apr 18
SUP 3: $1323.9 - Low Apr 15
SUP 4: $1300.8 - 50% retracement of $681-1921 move

COMMENTARY: Gold bounced back towards the key 200-WMA to close the NY session just below the day's highs. The 200-WMA continues to be a sticking point topside with gold again failing to retest this resistance level. We continue to look for a close back above the 200-WMA to relieve the immediate bearish focus with a $1324-1523 region expected to define in the coming weeks and the 200-WMA seen as somewhat pivotal.


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