Scotiabank Daily Gold Price Analysis for September 5, 2013

ScotiaBank

The Canadian Scotiabank issued its daily gold and silver market watch for September 5. It highlighted the gold market movement and gave a technical commentary for gold and silver.

Gold continued to slide on Thursday as the U.S. jobless claims came better than expected and drove the precious metal lower. The yellow metal opened the trading session at the highest at $1,400 then slid to the session’s low at $1,365.25 by midmorning. Gold closed the trading session at $1,372.75.

On the technical side, gold closed at $1,372 below Monday’s low of $1,373 support level. Therefore, it’s more likely that this week will close down as the last week’s doji. This move increases the odds of a retracement back to $1,337. It’s the 38.2% retracement of the uptrend from June to August. The resistance is at this week’s top at $1,415.

Gold moved down by 1.7% for the day, 2.8% for the 5-days and up by 5% for the month. The 5-Day MA was at $1,391.77 and the 10-Day MA at $1,400.17. The 100-Day MA was at $1,359.59 and the 200-Day MA at 1,492.91. Thursday’s London AM Fix was at $1,391.75 and the PM Fix at $1,385. The Pivot point for gold was at $1,382.85, support was at $1,350.54 and the current resistance at $1,400.64. The 9-day RSI was at 44, and the 14-day RSI was at 50.

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