Gold Marketwatch – 24/4/2009
Posted April 24, 2009on:
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Friday, April 24, 2009
Gold opened at 891.50/893.50 and ticked sideways on light trading, slipping to a low of 890.50/892.50. Existing home sales fell below expectations and the dollar softened, helping gold rally quickly. Stops were triggered as the metal broke 900 usd/ozs, peaking at 909.00/911.00. It range traded the remainder of the session as investors stepped back, finally closing at 904.75/906.75.
Gold has broken above the key technical pivot 900 today. A close at the current level of 906 confirms a “Double Bottom” at 866 is in place. The 900 level should now prove supportive with a measured move in Gold to 934 (this $34 is the distance between 866 and reactionary high 900).