Gold Marketwatch – 22/05/2009
Posted May 23, 2009on:
Federation of Goldsmiths Jewellers Association of Malaysia (FGJAM)
Malaysia Official Retail Gold Price.
999 Gold : RM130.00/gm
916 Gold : RM122.00/gm
835 Gold : RM112.00/gm
750 Gold : RM101.00/gm
375 Gold : RM 55.00/gm
updated on 22 May 2009.
Gold opened 958.50/959.50 in New York. It initially dipped, finding support
near 956.00 before it became well bid. Recent news regarding the possible downgrade of Britain’s credit rate continued to inspire safe haven buying, carrying the metal above 960, peaking at 962.50/963.50. Moderate profit taking pulled gold from its highs, slipping to an intraday low of 954.50/955.50. It recovered as the dollar further weakened, finally closing at 958.25/959.25.
Gold broke 948 today rising to current 955, again achieving a higher high and higher low. I remain bullish the metal with a target at 966. While raising trailing stops to the 930 level, a break of 966 could yield a move to the YTD high of 1006.Recovery or Not, Gold Remains a Critical Hedge.
Pivot – 952.05
Primary Support (Buy) – 942.76
Primary Resistance (Sell) – 967.93