Gold Daily Update – Friday 09 October 2009
Posted October 10, 2009on:
Gold opened at 1050.00/1051.00 in New York. The USD advanced on the back of a better than expected US trade balance causing gold to retreat. The metal found support near 1047.00 and turned bid on light investor demand. Gold climbed to an intraday high of 1052.00/1053.00 during the London fix, but could not sustain this level. The metal later slipped to a low of 1043.50/1044.50 as the dollar continued to rally and oil slumped. It recovered as the session unwound, finally settling at 1047.25/1048.25.
Gold is posting a strong up session on the weekly chart at current 1047 versus last weeks close of 1002. The ability to break, and close, above previous 2009 high of 1024 and all time record high of 1032, bodes well for continued upward movement next week. The measured move for the weekly chart shows 1105. This is the distance from our triangle breakout at 965, which would equal the correction distance from 1006 (Feb 16) to 866 (April 20). Suggest holding long positions while 1024 holds on a close basis.
Pivot – USD1,051.15
Primary Support (Buy) – USD1,040.75
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,058.30
*SELL = Selling your GOLD investment to gain Profit.