Gold Marketwatch – Thursday 28/05/2009
Posted May 29, 2009on:
Gold opened at 950.00/951.00 and ticked below 950.00 to a low of 948.25/949.25. Investor demand along with a slumping USD helped the metal rally from its lows, finding resistance near 960.00. Light profit-taking caused it to slip, however the market became well bid, carrying the metal back over 960.00 usd/oz. Gold reached an intraday high of 965.00/966.00, before it lost ground as the session unwound, finally closing at 961.00/962.00.
Gold resumed its up move today reaching close out our 966 target. The metal is currently near 959 with topside risk still the main concern. A break of 966 should move focus to previous major high 1006. We hold bullish Gold outlook while the metal holds 940 on a close basis.
Pivot – 953.17
Primary Support (Buy) – 946.78
Primary Resistance (Sell) – 964.95