Gold Marketwatch – Wednesday 03/06/09
Posted June 4, 2009on:
Gold opened at 977.00/978.00 and traded quietly within a relatively narrow range through the London fix, ticking to an intraday high of 979.50/980.50. However as the session progressed the market became well offered and it quickly slipped. Weaker equity markets, base metals and oil prices inspired more selling, driving gold to a low of 961.50/962.50. It recovered marginally from its lows and traded sideways, finally settling at
Gold shows a large technical reversal today. The unit made fresh highs near 990 and then dropped heavily to close near its lows at 962. This has broken our trailing stop loss level at 970, removing us from the bullish view we have ridden for since the break above 900 at the beginning of May. This 961 was a previous high and has held the base so far, suggest a break of this brings 942 back in play. Topside resistance is now seen at 970. A lower close tomorrow will bring in fresh selling.
Pivot – 971.60
Primary Support (Buy) – 953.21
Primary Resistance (Sell) – 982.42