Gold Daily Update – TUESDAY 13 October 2009
Posted October 14, 2009on:
Gold opened at 1063.75/1064.75 in New York. It was well offered as the session began and quickly fell, finding support near 1057.00. The market was quiet through the London fix and the metal retreated to an intraday low of 1054.80/1055.80 before making back lost ground. It later rallied as the dollar slumped, drifting back above 1060.00 and peaked at 1065.25/1066.25. It moved sideways within a range as the day came to a close, finally settling at 1063.00/1064.00.
Gold moved to fresh highs today (1065.25 / 1066.25) before pulling back to current 1063. This marks the 8th day in a row that gold has moved higher off the October 2 low of 988. We have yet to see any formation that suggests this up move is about to end. Our measured move target remains 1106 with trailing stop loss now raised to 1036 on a close basis.
Pivot – USD1,061.51
Primary Support (Buy) – USD1,054.39
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,071.72
*SELL = Selling your GOLD investment to gain Profit.