Gold Daily Update – Friday 16 October 2009
Posted October 17, 2009on:
Gold opened at 1044.50/1045.50 in New York. Fund selling early in the session on the back of dollar strength took us to a low of 1042.50/1043.50. We drifted higher for most of the morning until resting stops were triggered around the 1053.00 area, taking us to a high of 1056.75/1057.75. Range trading below 1055.00 for the rest of the day led us to a close of 1050.25/1051.25.
Gold on the weekly chart is posting a flat week at current 1052. The formation itself is a Doji, which is often a warning for a pending trend reversal. The bulls and bears are indecisive at current levels. The 1106 measured move target is still alive on the weekly chart but we are nervous at current levels. A sell signal will be generated on a lower close next Friday. The Doji on the weekly is one of our most respected (feared) patterns.
Pivot – USD1,054.01
Primary Support (Buy) – USD1,042.04
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,064.37
*SELL = Selling your GOLD investment to gain Profit.