Gold Marketwatch – Wednesday 10/06/2009
Posted June 10, 2009on:
In 2009 were going to see the worst economic collapse ever, the Greatest Depression, says Gerald Celente, U.S. trend forecaster. He believes its going to be very violent in the U.S., including there being a tax revolt.
Gold opened at 956.75/957.75 and traded within a narrow range, gaining momentum on the back of weakening USD. The metal was later swept to an intraday high of 963.00/964.00 before dealers took profit. Slumping equity markets inspired more selling and gold dipped to a low of 951.50.952.50. It recovered marginally but remained range bound on light trading as the market went very quiet, finally settling at 953.00/954.00.
Gold is showing as an unchanged day at 954. Yesterdays low near 944 is downside support followed by 941. The topside has been held by previous support 961 followed by March top 966. The price action for the past week has been bearish following test of 990. We believe the market will look to sell Gold on any rally while 966 holds.
Pivot – 953.62
Primary Support (Buy) – 945.31
Primary Resistance (Sell) – 963.45