Gold Daily Update – Monday 12 October 2009
Posted October 13, 2009on:
Gold opened at 1054.00/1055.00 in New York. Light selling pulled the metal lower as the session began, retreating to an intraday low of 1051.00/1052.00. Small buying entered the market as we approached the London fix, carrying gold higher, peaking at 1059.00/1060.00. Profit taking took it marginally lower and traded quietly within a range as the trading day unwound, closing at 1056.50/1057.50.
Gold continues to hold onto the recent price strength gaining about $9.00 on the day to settle around 1056.50. Today’s price action bodes well for continued upward movement as the week progresses. 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 – USD1,053.68
Primary Support (Buy) – USD1,047.93
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,060.02
*SELL = Selling your GOLD investment to gain Profit.