Gold Marketwatch – Monday 09/06/2009
Posted June 9, 2009on:
Gold opened at 949.00/950.00 in New York. Investor speculation on US interest rates rising in the near future, on the back of better than expected jobs data last week, as well as short term profit taking caused the metal to trade down to a low of 942.50/943.50 early in the session. A steady climb took us back to opening levels and we eventually reached a high of 952.25/953.25 just prior to settling at 951.00/952.00.]
Gold continued to fall today reaching levels close to 944 before bouncing to current 953. While below major 961 pivot we suspect the unit will continue to probe for stop losses below key 941. Only a close back above 970 will stabilize the bearish technical picture.
Pivot – 963.98
Primary Support (Buy) – 944.27
Primary Resistance (Sell) – 974.97