Gold Daily Update – Friday 28 August 2009
Posted August 29, 2009on:
Gold opened on its lows at 952.00/953.00 in New York. The metal quickly rallied as base metals rose and triggered stops, driving the metal to spike to its intraday high of 963.00/964.00. It could not sustain these levels and quickly retreated as the EUR weakened, and traded within a range for the remainder of the day. Gold established good support near 955.50 and settled at 956.75/957.75 at the close.
Gold is showing its second up week in a row to current 955. For the past 6 weeks in a row the metal has closed within $5 either side of this 950 with little sign that it will break out. Gold is moving deeper into a large consolidation triangle. On the daily chart the unit tried up to former high 960 but held. We should see fresh buying of gold on a close above this level.
Pivot – 953.34
Primary Support (Buy) – 944.85
Primary Resistance (Sell) – 964.84