Scotiabank Daily Gold Price Analysis for August 19, 2013

ScotiaBank

The Canadian Scotia Bank issued its daily gold and silver market watch for August 19. It highlighted the gold market movement and gave a technical commentary for gold and silver.

Gold consolidated after the outstanding performance last week, taking a break as expected. Gold price opened the trading session at $1,373.75 and touching briefly a high of $1,375.5 early. Gold slid lower to a bottom of $1,362.75 on profit taking. Gold was traded around this level before closing at $1,366.5.

On the technical side, gold closed the trading session lower, losing Friday’s gains. However, gold remained above the key support at $1,348, July’s high. Indicators suggest a bullish market as long as it stays above the $1,348 mark. The next key resistance is $1,415, the 38.2% retracement of 2012-2013 downtrend.

Gold moved down by 0.8% for the day, up by 2.1% for the 5-days and 5.4% for the month. The 5-Day MA was at $1,353.40 and the 10-Day MA at $1,330.39. The 100-Day MA was at $1,373.58 and the 200-Day MA at 1,514.77. London AM Fix was at $1,375.25 and the PM Fix at $1,365. The Pivot point for gold on Monday was at $1,371.06, support was at $1,357.57 and the current resistance at $1,379.49. The 9-day RSI was at 66, and the 14-day RSI was at 62.

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