Gold Marketwatch – 12/05/2009
Posted May 13, 2009on:
Gold opened at 922.00/923.00 after rallying before the NY session began, quickly finding resistance. It was later well offered and tumbled to an intraday low of915.00/916.00. It rallied briefly but could not gather steam as it tested its lows a few times before it finally managed to make back lost ground. The metal found itself trapped in a range as it ticked towards the close. However good investor demand on the back of weakening equity markets helped it rally as the day unwound, settling on its highs at 923.50/924.50.
Gold is finally closing above the mid April high of 918. At current 922, the next key pivot is 925 last weeks high. A close above 925 will see buyers enter the market looking for the May high of 966. Long gold positions will now liquidate on a trailing stop loss below 895.
Pivot – 913.41
Primary Support (Buy) – 906.87
Primary Resistance (Sell) – 920.01