Gold Daily Update – Wednesday 07 October 2009
Posted October 8, 2009on:
Gold opened at 1040.50/1041.50 in New York and traded erratically as the session began. The metal was trending lower as equity markets lost ground, dipping to an intraday low of 1037.75/1038.75. It later recovered on the back of investor demand, climbing to a high of 1044.75/1045.75. The market was very quiet as the trading day unwound, settling just below its highs at 1043.00/1044.00.
Gold is showing a third up day in a row at current 1043. Our closest technical targets are 1050 followed by 1090. The two days in a row of fresh highs keeps the focus to the topside. Expect support now at former major highs of 1032 and 1024.
Pivot – USD1,042.88
Primary Support (Buy) – USD1 ,037.32
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1 ,048.85
*SELL = Selling your GOLD investment to gain Profit.