2009-08-07

Gold Support is at US960 and US954. Resistance is at US969 – US970

Gold managed to consolidate above USD960 yesterday. However, it remains at levels where I think have seen strong resistance in the past year. Base on a report I read yesterday from Standard Bank, they is fairly a large volumes of scrap gold coming to the market. The scrap flow should provide some resistance. But, given the current high correlation between gold and the euro/dollar exchange rate (10-day correlation currently at 0.87), they will look to the dollar to determine gold’s intra-day moves.

Support is at US960 and US954. Resistance is at US969 – US970. A break above this level could see gold test US977.

Public Bank Gold Investment Account as at 06/08/09 3:50 PM

Selling PriceBuying Price
1 gramRM 111.0600RM 106.7200

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