Gold Daily Update – Friday 11 September 2009
Posted September 12, 2009on:
Gold opened at 1000.50/1001.50 and slipped as the session began, dipping to an intraday low of 999.50/1000.50. This move quickly reversed as gold gathered momentum on the back of stronger equity markets. It remained well bid and later gapped higher, climbing to a high of 1011.75/1012.75. It traded within range as the market went quiet before oil tumbled and the metal followed. Gold found support near 1002.00 and tick sideways as the day unwound, closing at 1004.00/1005.00
Gold at current 1006 is showing as the 4th up week in a row, in a move that started at 931. The technical picture remains bullish with the metal closing for a second week in a row above long term triangle tops of 965 and 975. While above this weeks low of 984, the risk is for a run to 2008 high of 1032.