Gold Daily Update – Tuesday 27 October 2009
Posted October 28, 2009on:
Gold opened at 1038.00/1039.00 in New York. Range trading early in the session as equity futures moved in and out of positive territory. Selling came in as the dollar once again showed signs of strength taking us to a low on 1032.00/1033.00. We moved higher in line with a recovery in energy and equities but good selling was seen around 1040.00 causing us to drift lower and taking us to a close of 1034.50/1035.50.
Gold is closing flat on the day near current 1038. The metal tried to move higher earlier today but failed ahead of former support 1044. It then proceeded to make fresh lows down to 1033 before returning to where it closed yesterday. Our technical view is bearish Gold while the unit continues to close below 1044. The triple top measured move target is 1025, followed by major support at 1021.
Pivot – USD1,043.90
Primary Support (Buy) – USD1,027.85
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,055.25
*SELL = Selling your GOLD investment to gain Profit.
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