Gold Daily Update – Tuesday 15 September 2009
Posted September 16, 2009on:
Gold opened at 999.00/1000.00 in New York. Better than expected retail sales helped the dollar advance and gold quickly retreated to an intraday low of 991.50/992.50. However the metal became well bid as the dollar lost steam and oil rallied, finding resistance near 1003.00. Good buying drove it higher as the session unwound, peaking at 1005.75/1006.75 before closing marginally lower at 1004.00/1005.00.
Gold is struggling with attempts to retake last week’s highs, despite closing above the 1000 level. Sentiment is still bullish however and we see support at the 983 level holding in. Given the current resistance to the topside, when and if it falls we may see gapping behaviour until the market hits the 2008 high of 1032.70.
Primary Support (Buy) USD996.25
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) USD1,014.03
*SELL = Selling your GOLD investment to gain Profit.