Gold Falling to 200 Day Moving Average in Major Currencies
-- Posted Wednesday, 28 July 2010 | | Source: GoldSeek.com
GoldCore Update
Gold had recovered slightly today from yesterdays 2% sell off to 3 month lows before incurring slight losses in late European trading. Gold is now down nearly 10% from its recent nominal highs ($1,258/oz) and the continuing sell off is due to increased risk appetite due to the decline in banking sector and sovereign debt risk. Yesterday’s sell off was also technical nature as gold fell below the 100 day moving average and triggered large sell stop orders around the $1,176/oz level. This may have exacerbated the sell off and resulted in the sharp falls to the intraday price low of $1,156/oz.
Gold in USD – (Daily) with 100 and 200 Day Moving Averages
Physical demand remains robust at these levels, particularly from Asia, which will be supportive but technical and momentum traders and other sellers may yet push gold down to support at the 200 day moving average at $1,148/oz.
Gold in GBP – 5 Year (Daily) with 200 Day Moving Average
Buying gold at the average price of the previous 200 days has been a prudent and lucrative strategy for dollar, euro and sterling based investors in recent years (see charts) and the 200 day moving average will likely provide support in these weaker summer months.
Gold in EUR – 5 Year (Daily) with 200 Day Moving Average
WINNERS MoneyMate and Investor Magazine Financial Analysts 2006
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