Gold Daily Update – Monday 26 October 2009
Posted October 27, 2009on:
Gold opened at 1053.75/1054.75 in New York and retreated as the session got started, finding support near 1052.00. The metal later turned bid and began to climb on good investor demand, peaking at 1060.00/1061.00. It traded near its highs until equity markets tumbled and the dollar advanced. It was an orderly descent, briefly finding support before more fund selling took it to new lows, finally reaching 1040.00/1041.00. It recovered marginally as the day unwound, settling at 1041.75/1042.75.
Gold has broken lower today to current 1039 (down $16). Price action over the past two weeks has formed into a small triple top on the daily NY chart. This pattern was confirmed on a break of 1044. Initial measured move is 1025. Note we had been looking for this move all last week considering the trend reversal warning on the weekly chart (Double Doji Inside week as of Friday close). It is too early to say whether the move will be deeper then 1025. 1044 will likely hold any retracement.
Pivot – USD1,048.41
Primary Support (Buy) – USD1,029.19
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,059.02
*SELL = Selling your GOLD investment to gain Profit.
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