Gold Daily Update – Thursday 15 October 2009
Posted October 16, 2009on:
Gold opened at 1049.75/1050.75 in New York and slipped as the session started, finding support near 1050.00. However it quickly turned bid and climbed as the dollar continued to take a beating. Oil spiked as inventories fell well below expectation and gold followed, peaking at 1059.75/1060.75. It traded in a range until the latter end of the day when it retreated as funds dumped the metal. Profit taking took the metal to an intraday low of 1047.75/1048.75 and finally settled near this level at 1049.000/1050.00.
Gold moved lower today for the first time in 10 trading sessions, to current 1051. Yesterdays Doji on the daily chart warned of a potential reversal, with today’s lower close the reversal is confirmed. We expect to see liquidation of long Gold positions over the coming days with initial pull back target seen at former high 1024.
Pivot – USD1,055.45
Primary Support (Buy) – USD1,040.09
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,064.15
*SELL = Selling your GOLD investment to gain Profit.