Gold Marketwatch – Thursday 04/06/2009
Posted June 5, 2009on:
Gold opened on its lows at 964.00/965.00 and was carried higher on the back of stronger oil prices and softening USD, finding resistance near 980.00. Profit taking caused the metal to retreat back below 980.00 usd/ oz, however investor demand helped the metal rally to an intraday high of 982.00/983.00. It lost steam as the session unwound, finally settling at 980.50/981.50.
Gold managed to hold the key 961 level and bounced to current 978. The up day keeps many bulls alive following yesterdays large outside bearish reversal day. Suggest price action over the next 48 hour will be critical to see if Gold has seen its highs at 990, or if this drop to 961 was just a healthy correction. We are neutral having been stopped out below 970 yesterday. Expect fresh selling on a break below 961.
Pivot – 976.73
Primary Support (Buy) – 963.45
Primary Resistance (Sell) – 992.67