Gold Daily Update – Tuesday 29 September 2009
Posted September 30, 2009on:
Gold opened at 987.00/988.00 in New York. Better than expected home price data provided a lift to equities and commodities in general, taking gold up to 993.00/994.00 in early trade. Weaker then expected consumer confidence knocked us back down to the 988.00 after which we saw a slow grind higher for most of the morning. We continued the move higher in the afternoon, trading up to 996.00/997.00 as the dollar lost ground and equities recovered. We closed the day at 993.00/994.00.
Gold has moved higher today to the current 993. This is the first up day following 4 down days that brought the unit from 1019 to 986 on the correction. The 990 level remains our technical line in the sand on a close basis. That level has held on a close since we broke higher on Sept 2/3. We remain bullish while 990 holds looking for another move back to 1024. A close below 990 will turn the focus back to the 960/970 area.
Pivot – USD991.57
Primary Support (Buy) – USD986.23
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD998.13
*SELL = Selling your GOLD investment to gain Profit.