Gold Daily Update – Wednesday 09 September 2009
Posted September 10, 2009on:
Gold opened at 997.50/998.50 and rallied on the back of a weakening USD and stronger oil, finding resistance near 1000.00. It traded erratically within a range for much of the session, touching a high of 1002.00/1003.00 but it could not sustain this level very long. The metal became well offered during the latter end of the day, slipping to an intraday low of 993.50/994.50 and later closed marginally higher at 995.00/996.00.
Gold failed to revisit yesterdays high of 1007 high and eventually was sold down to current 989. After 6 up days that took the unit from 947 to 1007 it looks like we finally ran into sellers. The break of 990 has triggered our stop loss on the long position recommended on a break of 965. It will be interesting to see if the unit revisits former resistance line at 975. This is only the first down day so we do not expect larger selling unless the 965 breaks.
Pivot – 995.50
Primary Support (Buy) – 983.30
Primary Resistance (Sell) – 1 ,002.40