Gold Daily Update – Wednesday 21 October 2009
Posted October 22, 2009on:
Gold opened at 1051.00/1052.00 and continued to retreat from its overnight highs, slipping to an intraday low of 1047.00/1048.00. However it quickly turned bid as equity markets rallied and the dollar tumbled. Oil later rallied above 80usd/barrel on the back of falling inventories and gold followed. Resistance was established near 1060.00 and it traded in a range until the latter end of the session, climbing to a high of 1064.75.1065.75. It pulled back as the trading day unwound, finally settling at 1063.00/1064.00.
Gold is marginally up on the day at current 1062. Price action is trading in a “Yo-Yo” fashion within last week’s range of 1044 to 1070. The trend remains bullish with a measured move target on this up leg is 1106. Our stop loss on long Gold positions are triggered on a close below 1043.
Pivot – USD1,057.83
Primary Support (Buy) – USD1,047.68
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,067.65
*SELL = Selling your GOLD investment to gain Profit.