The Canadian Scotia Bank issued its daily gold and silver market watch for August 9. It highlighted the gold market movement and gave a technical commentary for gold and silver.
Gold price held its ground, and preserved its gains for the day. Gold trading session opened on Friday at $1,311 and stayed flat with a brief dip to $1,307.5. Gold recovered to reach its peak for the day at $1,317.5, and outside the gold market, equities tumbled. Gold ended the week closing at $1,313.
Gold price almost didn’t move for the day, and barely moved up by 0.2% for the past 5-days. The yellow metal moved up for the month by 5%.
On the technical side, gold ended the week flat around the $1,312 level. The week wasn’t showing gold its good side, as gold remained in the short-term bearish territory. The price reached to the $1,273 low-area then recovered to end the week flat. This area, the $1,270 level, might be an important support, as it was a low 3 weeks ago. According to the bank analysts, a pull back base “wave B” might be building right now from the 5 wave down from $1,795 to $1,182. The next major stop might be at $1,348 key resistance pivot point. Wave C might be an uptrend toward the $1,523 mark.
The 5-Day MA was at $1,300.24 and the 10-Day MA at $1,310.27. The 100-Day MA was at $1,388.58 and the 200-Day MA at 1,525.79. London AM Fix was at $1,305.50 and the PM Fix at $1,309.
The Pivot point for gold on Friday was at $1,312.16, support was at $1,306.95 and the current resistance at $1,319.13. The Bollinger band Upper at $1,350.97 and the Bollinger Band Lower $1,269.68, while the Bollinger Band Mid at $1,310.32. The 9-day RSI was at 54, and the 14-day RSI was at 52.