Gold Daily Update – Thursday 08 October 2009
Posted October 9, 2009on:
Gold hits new high on rising investment demand
Gold opened at 1055.75/1056.75 in New York. Weaker equity markets inspired investors to sell the metal as the session got underway. Gold continued to retreat as dealers took profit, dragging it to an intraday low of 1042.50/1043.50. However the metal quickly turned bid and rallied back above 1050.00 USD/oz. Relentless buying carried gold to a new all time high of 1061.40/1062.40 before light selling pulled it lower, finally settling at 1054.00/1055.00.
Gold has made fresh highs three days in a row to the current 1054. Higher highs combined with higher lows keeps the pressure to the top side. The measured move target is now to 1090. Look for support now at 1024, the previous 2009 high. We raise our stop loss on long positions from 990 to 1024 on a closing basis.
Pivot – USD1,052.91
Primary Support (Buy) – USD1,044.27
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,062.74
*SELL = Selling your GOLD investment to gain Profit.