Gold Daily Update – Friday 25 September 2009
Posted September 26, 2009on:
Gold opened at 992.00/993.00 in New York. Short covering in front of this morning’s economic data helped the metal rally to an intraday high of 996.50/997.50. However much weaker than expected durable goods caused equity markets to retreat and gold followed. The metal was quickly swept lower, triggering stops, reaching a low of 984.00/985.00. Gold recovered marginally from its lows, trading erratically in a range, finding resistance near 993.00. It became range bound as the session unwound, finally settling at 989.75/990.75.
Gold—The broader gold uptrend remains in tact, however shorter term technicals are warning of further downside for the metal. The MACD has crossed below the signal line, generating a sell signal; and the candle pattern is warning of further downside. However, gold has yet to even test its 50 or 100-day moving average (967.33 and 953.30, respectively) and these levels should serve as support.
Pivot – USD998.22
Primary Support (Buy) – USD977.46
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,011.15
*SELL = Selling your GOLD investment to gain Profit.