Gold Marketwatch – Thursday 11/06/2009
Posted June 11, 2009on:
Gold opened at 963.50/964.50 and tick sideways within a narrow range, peaking at 965.00/966.00. The dollar went on the offensive and the metal retreated from its highs. It remained well offered as equity markets slumped, tumbling to an intraday low of 946.50/947.50. The metal recaptured lost ground on the back of rallying oil prices, climbing above 950 usd/ozs to finally close at 952.50/953.50.
Gold took a look above 961 resistance today but could not reach the key 966 before falling back to current 951. Price action is bearish with closest downside support seen at 944. A break of 944 should yield 927 the 50% pull back of our 865 to 990 up move. We are neutral Gold but will turn bearish on a close below 944.
Pivot – 955.68
Primary Support (Buy) – 945.84
Primary Resistance (Sell) – 964.32