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Gold Spot (mini) TODAY
Opinion: Bulls defend support Price: 932.95 MONITOR
Technical Points
Resistance
Major 2 960.17
Minor 953.40
Major 1 946.63
Minor 935.05
Gravitation 923.47
Minor 916.70
Major 1 909.93
Minor 898.35
Major 2 886.77
Support
Analysis:
Gold prices snapped their eight-day slide overnight, boosted by investors’ flight to safety, with buying interest in gold piquing as equity markets tumbled.

The precious metal put on US$21.10 (+2.3%) overnight, settling at US$927.80 per ounce.

Gold had fallen 9.5% in the previous eight sessions, its longest slump since September.

Last night may signal a shift in the market, however, with people turning to safe haven gold primarily out of increasing fear of falling equity markets.

Likely Price Action:
We mentioned in our last update that US$900 support would most likely hold as it coincides with the uptrend support line in place since October.

Gold indeed bounced sharply as soon as the precious metal touched US$900 overnight, thanks to another nasty session on global equity markets which boosted demand for gold as a safe haven asset.

Last night’s sharp recovery has resulted in a bullish lower shadow on this week’s candle, and we might see some strength from gold should it manage to maintain this lower shadow for the rest of the week.

The immediate uptrend support line, currently around US$915, remains the best reference level for long entries.

As gold trades more comfortably above US$900, a retest of the psychologically-important US$1000 mark looks increasingly likely.