Gold Daily Update – Friday 18 September 2009
Posted September 19, 2009on:
Gold opened at 1012.50/1013.50 in New York. Good investor demand carried the metal higher during the morning, reaching a high 1017.50/1018.50. Profit taking in front of the London fix dragged it lower and the selling continued, triggering stops, plunging to a intraday low of 1006.00/1007.00. It recovered quickly, finding resistance near 1012.00. However light selling during the latter end of the day pushed gold lower to finally settle at 1008.25/1009.25.
Gold is closing the week at 1009 which is the same level it ended last week. In Japanese Candles this is known as a “Doji” formation and is considered a reversal warning. A lower close next Friday will trigger longer term selling. The unit reached as high as 1024 this week which is short of our 2008 high target of 1032. The Daily chart is showing its second down day off yesterdays high. This lower close signals a short term turn which should see the unit back toward support 984.
Pivot – USD1,010.64
Primary Support (Buy) – USD1,003.26
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,014.99
*SELL = Selling your GOLD investment to gain Profit.