Gold Marketwatch – 11/05/2009
Posted May 12, 2009on:
Gold opened at 910.00/911.00 and slipped as the USD rallied and equity markets retreated, reaching an intraday low of 908.00/909.00. The metal became bid as the session progressed, peaking at 915.50/916.50. The latter end of the trading day was extremely quiet and gold was pulled from it’s highs on light profit taking to finally settle at 912.50/913.50.
Gold has once again failed to take out the 918 level on a close basis, but we continue to believe it really wants to. A close above last weeks high of 925 would bring in buyers looking for 966, the 100 % retracement of our two month range. Long positions will now liquidate on a move back below 895.
Pivot – 913.39
Primary Support (Buy) – 906.83
Primary Resistance (Sell) – 919.96