Scotiabank Daily Gold Price Analysis for August 20, 2013

ScotiaBank

The Canadian Scotia Bank issued its daily gold and silver market watch for August 20. 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 $1,364.50 low. Gold price increased to high of $1,378.50 by mid-day. The yellow metal closed the trading session at $1,373.

On the technical side, gold closed the trading session higher. The RSI indicator was lower at the previous high at 61.64 of November 2012. Indicators suggest a bullish market as long as it stays above the $1,348 mark, the previous high from July 2013. The next key resistance is $1,415, the 38.2% retracement of 2012-2013 downtrend and the previous congestion of May-June 2013.

Gold moved up by 0.4% for the day, 3.8% for the 5-days and 5.8% for the month. The 5-Day MA was at $1,363.41 and the 10-Day MA at $1,339.25. The 100-Day MA was at $1,371.54 and the 200-Day MA at 1,513. London AM Fix was at $1,365.75 and the PM Fix at $1,372.50. The Pivot point for gold on Tuesday was at $1,369.52, support was at $1,354.50 and the current resistance at $1,386.97. The 9-day RSI was at 67, and the 14-day RSI was at 63.

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