Gold Marketwatch – 20/05/2009
Posted May 21, 2009on:
Gold looking to “take another crack at $1,000” an ounce. This time is for REAL!!
Gold opened at 931.50/932.50 and rallied shortly after the session began, finding resistance near 934.00. It quickly retreated from this level and dipped below 930 usd/oz to an intraday low of 927.25/928.25. Equity markets went on the offensive, the dollar took it on the chin and oil surged higher, inspiring strong investor demand, carrying gold from its lows. The metal spiked to 940.50/941.50 before retreating, hitting support around 935.00. It later ticked higher on thin trading as the day unwound, settling at 936.25/937.25.
Gold broke 934 today rising to current 939. The trend is your friend, so while we continue to achieve higher highs and higher lows, our bias will remain bullish. Our target is 966 but see resistance at 948 ahead of that level from a well defined channel drawn off of 866 and 880. We recommend raising trailing stop losses to 916.
Pivot – 932.12
Primary Support (Buy) – 923.68
Primary Resistance (Sell) – 946.74