Gold Daily Update – Thursday 24 September 2009
Posted September 25, 2009on:
Gold opened at 1015.50/1016.50 in New York. Better than expected jobless claims helped equity markets to rally and gold followed, peaking at 1019.00/1020.00. However the metal quickly became well offered and slipped off its highs. Existing home sales fell short of expectations and equities tumbled along with oil and gold. Good selling continued to drag it lower, triggering stops, and pushing it to an intraday low of 992.25/993.25. It recovered marginally from its lows and traded quietly within a range as the session unwound, closing at 997.00/998.00.
Gold took a material drop lower today to current 995. The 1019 level held today for the third day in a row so the metal was liquidated lower on the failure trade. This is the biggest down day in gold since June. We believe the 990 level is key support on a close basis as it has held since Sept 3. Intraday the unit dealt as low as 983 on Sept 10.
Pivot – USD1,001.57
Primary Support (Buy) – USD984.11
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,012.31
*SELL = Selling your GOLD investment to gain Profit.