Gold Marketwatch – Friday 12/06/2009
Posted June 13, 2009on:
Gold opened on it’s highs at 944.50/945.50 and was quickly swept lower, triggering stops and tumbling to an intraday low of 935.50/936.50. It recovered as the USD weakened and equity markets made back lost ground. Resistance was established near 945.00 as it traded lightly during the latter end of the session, finally settling at 939.25/940.25.
Gold on the weekly chart is showing a second consecutive down week off the 990 level with the current price near 940. The weak close keeps the down risk to the 50% Fibo at 927.50 from our three month up move of 865 to 990. The daily chart shows the Gold market choosing the downside after four days of consolidation near 955. We are bearish Gold while the metal maintains a close below 960.
Pivot – 946.30
Primary Support (Buy) – 930.56
Primary Resistance (Sell) – 955.75