Gold Daily Update – Friday 04 September 2009
Posted September 4, 2009on:
Gold opened at 990.50/991.50 in New York. Employment data landed near expectation and had little impact on the metal. It traded erratically within a range, slipping to an intraday low of 985.00/986.00. Equity markets later turned positive, the dollar lost ground and gold rallied. It remained well bid, peaking at 996.75/997.75. From here it retreated from the highs as the trading day unwound, settling at 995.00/996.00.
Gold on the weekly chart is showing a consolidation triangle breakout to the topside at current 991. The weekly close above resistance lines at 965 and 976 bodes well for further gains up to the 2009 high of 1006 and possibly to the 2008 high of 1032. We suspect the market will look to buy Gold on any dip to 976 with stop losses back below 965.
Pivot – 988.07
Primary Support (Buy) – 978.35
Primary Resistance (Sell) – 1 ,001.78