Gold Daily Update – Wednesday 14 October 2009
Posted October 14, 2009on:
Gold opened at 1059.75/1060.75 in New York. The dollar rallied on the back of better than expected retail sales causing gold to retreat, washing out longs. The metal tumbled to an intraday low 1057.50/1058.50 before good bids carried it higher. Gold continued to climb, following stronger oil prices, reaching a high of 1065.00/1066.00. Profit taking pulled it lower, finding support near 1058.00. Equity markets later rallied as the trading day ticked towards the close, helping the metal push higher, finally closing at 1063.25/1064.25.
Gold is showing as a “Doji” on the daily at the current 1064.25. The Doji means the bulls and bears are indecisive with the open and close at the same level. After the strong up move and fresh high today at 1066, the Doji warns of a potential reversal. If we get a lower close tomorrow, we would expect long liquidation to commence.
Pivot – USD1,064.54
Primary Support (Buy) – USD1,058.29
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,072.86
*SELL = Selling your GOLD investment to gain Profit.