Gold Daily Update – Monday 14 September 2009
Posted September 15, 2009on:
Gold opened at 999.50/1000.50 in New York and briefly fell to an intraday low of 996.25/997.25. The metal later ticked higher on light buying as the session progressed, peaking at 1003.00/1004.00. It retreated off its highs and traded within a very narrow range. The market remained quiet throughout the latter end of the day, finally closing at 999.00/1000.00.
Gold is lower today closing at current 998. The unit failed to revisit Fridays high of 1012 and as a result minor selling has emerged. Down side support comes in at last Thursdays low of 983 with resistance now at 1012. The short term Gold technical picture remains bullish while 990 level holds on a close basis. We will need multiple down days to shake the bullish sentiment.
Pivot – 1,001.09
Primary Support (Buy) – 990.23
Primary Resistance (Sell) – 1,008.90