Gold Marketwatch – 22/05/2009
Posted May 27, 2009on:
Gold opened at 949.00/950.00 in New York and ticked lower on light selling, dipping to an intraday low of 944.75/945.75. The metal made a slow progressive move higher on the back of rallying EUR, reaching 954.00/955.00. The market remained quiet during the latter end of the session as investors took a step back and the metal closed not far from its highs at 952.50/953.50.
Gold had all the makings of a beautiful technical reversal but the late bounce keeps the risk to the topside. Yesterday we had an “inside day” warning of the end of the bull trend. Today we had a move lower to 942 but a late rally has the unit back at 955. Although the price action is a “down day” we would only liquidate a long position on a close back below 950. Longer term players will hold long until we see a break back below 934. Topside resistance seen at 961 and 966.
Pivot – 951.71
Primary Support (Buy) – 943.67
Primary Resistance (Sell) – 962.04