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.
