Gold Daily Update – Wednesday 30 September 2009
Posted October 1, 2009on:
1009.25/1010.25. The metalGold opened at 1001.25/1002.25 in New York. Light buying in front of this morning’s economic data carried the metal higher, finding resistance near 1005.00. This move later reversed as investors digested the personal consumption and GDP figures. Profit taking dragged it to an intraday low of 994.00/995.00. Oil continued to rally as the weekly inventory release was mixed, which left gold well bid for much of the session. It climbed to an intraday high of traded near its highs as the day unwound, finally settling at 1008.00/1009.00.
Gold made a strong move higher today to current 1007. The key 990 support level has held three times (on the close) over the past week. The inability to move lower opens up the topside resistance levels of 1019 and 1024. While above 990 we believe the risk is a move to the 2008 high of 1032.
Pivot – USD999.98
Primary Support (Buy) – USD990.52
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,014.97
*SELL = Selling your GOLD investment to gain Profit.