Gold Daily Update – Friday 02 October 2009
Posted October 4, 2009on:
Gold opened at 996.75/997.75 in New York. Disappointing employment data caused equities to tumble and gold followed. Stops were triggered as the metal slipped, falling to an intraday low of 985.50/986.50. However gold quickly turned bid and rallied as the dollar retreated. Good investor demand carried it above 1000.00 usd/ oz, peaking at 1007.25/1008.25. Profit taking pulled it off its highs to trade quietly within a range, finally settling at 1003.25/1004.25.
Gold is registering as an up week at the current 1003.25 versus last Friday’s 994. The price action remains bullish with the recent correction finding support every time the metal drops below 990. This 990 level was previously the high in June, so it is significant that we cannot get back below that level. We are bullish while gold holds above 990 on a close basis. Support is seen intraday at 986 and resistance at 1019.
Pivot – USD999.59
Primary Support (Buy) – USD989.17
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,012.28
*SELL = Selling your GOLD investment to gain Profit.