Gold Daily Update – Thursday 01 October 2009
Posted October 1, 2009on:
Gold opened at 1003.50/1004.50 in New York. It was well bid and quickly rallied to an intraday high of 1007.00/1008.00. Equity markets later tumbled due to a disappointing ISM release, dragging gold off its highs. The metal found support near 1001.00 and recovered marginally before more selling pulled it to a low of 997.25/998.25. Investor demand helped the metal make back lost ground and it traded quietly within a range, finally settling at 998.80/999.80.
Gold drifted back today to current 1000 level. The metal was not able to break yesterday’s high near 1010 so this now becomes our short term resistance followed by 1019 and 1024. Support comes in at last week’s low of 986 and then 983. We remain bullish while the unit holds above 990 on a close. It has closed above here since September 2.
Pivot – USD1,000.55
Primary Support (Buy) – USD991.10
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,009.26
*SELL = Selling your GOLD investment to gain Profit.