Gold Daily Update – Thursday 22 October 2009
Posted October 23, 2009on:
Gold opened 1058.00/1059.00 in New York. Jobless claims indicate further deterioration of US employment market causing equities to retreat and gold followed. Support was established near 1052.00 and it made back ground until more selling entered the market as we approached the London fix. Gold slipped to a low of 1051.00/1052.00 before good fund buying carried it higher. It peaked at 1061.00/1062.00 and later pulled back on light profit taking, finding support near 1053.00. It traded quietly as the session unwound, finally settling at 1057.00/1058.00.
Gold is closing marginally up today at current 1060. The Yo-Yo consolidation is becoming smaller and smaller within the two week 1044-1070 range. Micro analysis shows as a triangular price behavior suggesting a break out is pending. Typically these formations are continuation in nature so risk is a break of 1070 that should yield a $26 move or 1096. Our stop loss on long Gold positions is triggered on a close below 1043.
Pivot – USD1,058.52
Primary Support (Buy) – USD1,051.94
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,065.28
*SELL = Selling your GOLD investment to gain Profit.
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