Gold Daily Update – Thursday 10 September 2009
Posted September 11, 2009on:
Gold opened at 988.00/989.00 and was swept lower, reaching an intraday low of 983.25/984.25. However it recovered quickly as the dollar slumped due to a wider then expected trade deficit. The metal was well bid throughout the entire session, climbing to an intraday high of 997.75/998.75. Light profit taking as the day unwound pulled gold off its highs to finally settle at 994.50/995.50.
Gold is showing a flat close on the day near 995 after spending part of our day probing to the downside as far as 983. On the 24 hour chart it shows that Gold continues to close above the former June high of 990. Downside buy area is seen near 975 with topside resistance at the weeks high of 1007. The overriding theme of Gold is the breakout of the multi week consolidation triangle at 965 and 975 levels. Current price action is viewed as consolidation of the quick $50 up move from 947 to 1007. Overall risk remains for Gold appreciation.
Pivot – 994.17
Primary Support (Buy) – 985.11
Primary Resistance (Sell) – 1,005.86