Scotiabank Daily Gold Price Analysis for August 9, 2013

ScotiaBank

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.

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