Gold Daily Update – Tuesday 06 October 2009
Posted October 7, 2009on:
Gold opened at 1026.00/1027.00 and quickly rallied, triggering stops, finding resistance near 1030.00. The flight away from the dollar helped the metal to climb and it remained well bid for much of the session, surging to a new all time high of 1043.75/1044.75. Light profit taking pulled it lower during the early afternoon and gold continued to slip as the trading day unwound, finally closing at 1037.75/1038.75.
Gold exceeded our 2008 high today (at 1032), reaching 1044.75. The current price of 1037.75 keeps the pressure higher with our new targets 1050 and 1090. These numbers are derived from the measured move of the June 905 to 990 ($85 dollars) and April’s 865 to 990 move ($125 dollars). These distances form our large triangle breakout at 965 and yield 1050 and 1090.
Pivot – USD1 ,034.36
Primary Support (Buy) – USD1,024.94
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1 ,051.02
*SELL = Selling your GOLD investment to gain Profit.