Gold Daily Update – Monday 21 September 2009
Posted September 22, 2009on:
Gold opened at 996.75/997.75 in New York. A stronger USD, slumping equities and tumbling oil prices inspired selling as the session began. However it was well supported and dipped only marginally to an intraday low of 995.50/996.50. It traded within a narrow range through the London fix and later turned bid as equity markets climbed. Good buying carried gold over 1000.00 usd/oz, peaking at 1005.20/1006.20. Light profit taking as the trading day unwound pulled it lower, finally closing at 1002.50/1003.50.
Gold is registering its third down day in a row at current 1002. The reversal day last Thursday off the 1024 level has a correction risk back to the 988/983 support levels. We do not believe that there will be any significant liquidation of long gold positions unless the unit closes back below 990.
Pivot – USD1,005.60
Primary Support (Buy) – USD993.18
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,015.22
*SELL = Selling your GOLD investment to gain Profit.