The Canadian Scotia Bank issued its daily gold and silver market watch for July 29. It highlighted the gold market movement and gave a technical commentary for gold and silver.
Gold price gained overnight in contrary with equities in the premarket trading. Gold trading session opened at $1,335 to peak at the $1,335.5 mark then trade down on profit taking at a low of $1,326.75. Traders and investors took profits ahead of the FOMC meeting. Gold price closed at $1,329.
On the technical side, gold price has been consolidating since breaking the $1,301.78 mark. This important Fibonacci level is now a key technical support. The RSI was at 56.12 failing to break the low-60 resistance, according to the bank analysts. The RSI on the daily chart showed bearish signals, ranging from 20 to 60 levels. One the other hand, the key technical resistance is currently at $1,358, June 20 high.
Gold price moved for the day by 0.3% down, moved for the past 5 days down by 0.5% and moved up for the past month by 7.7%. The 5-Day MA was at $1,332.78 and the 10-Day MA at $1,314.84. The 100-Day MA was at $1,414.96 and the 200-Day MA at 1,543.75.
The current support for gold is at $1,320.99 and the current resistance at $1,339.14. The Bollinger band Upper at $1,358.77 and the Bollinger Band Lower $1,213.49, while the Bollinger Band Mid at $1,286.13. The 9-day RSI is at 61, while the 14-day RSI is below at 56.