Gold Daily Update – Tuesday 20 October 2009
Posted October 21, 2009on:
Gold opened at 1064.75/1065.75 in New York and briefly rallied, touching a high of 1066.00/1067.00. Housing starts and building permits fell short of expectations causing the equity markets to retreat and the metal followed. Support was found near 1060.00, however the metal stayed offered and continued to tumble. Gold reached an intraday low of 1051.50/1052.50 before light buying carried it marginally higher. The market was quiet during the latter end of the session, finally closing at 1057.25/1058.25.
Gold gave up some of yesterday’s gains ending the day near current 1057. Gold took a run at last weeks 1070 high but failed short near 1068. Our two key levels remain the resent lows and highs of 1043 and 1070. There was a Doji on last weeks price candle so we are on heightened concern about a possible reversal this week. Big picture, the market is long Gold looking for 1106 measured move. Stop losses will be triggered below 1043.
Pivot – USD1,058.95
Primary Support (Buy) – USD1,049.94
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,065.36
*SELL = Selling your GOLD investment to gain Profit.