Gold Daily Update – Wednesday 16 September 2009
Posted September 17, 2009on:
Gold opened at 1015.50/1016.50 in New York. The market traded quietly on the back of relatively benign economic data, climbing to an intraday high of 1020.50/1021.50. It later pulled back from its highs on light selling, slipping to a low of 1013.75/1014.75. Gold traded within a range and managed to stay well supported as oil rallied on weaker than expected inventories data, finally closing at 1018.00/1019.00.
Gold made another leg up to the current 1018 today. The close above last week’s high of 1012 keeps the bullish momentum in place with short term price target seen at the 2008 high of 1032. Tough to pick a measured move target based on the triangle pennant due to its width. Suggest ‘pole’ was 125 dollars in length so from the breakout level 965 indicates measured target 1090. Only a close below 990 neutralizes the bullish outlook.
Pivot – USD1,009.92
Primary Support (Buy) – USD998.95
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,027.53
*SELL = Selling your GOLD investment to gain Profit.