Gold Daily Update – Wednesday 28 October 2009
Posted October 29, 2009on:
Gold opened at 1032.00/1033.00 and rallied on the back of stronger equity markets and a slumping USD, peaking at 1039.75/1040.75. However much weaker than expected housing data caused equity markets to tumble and gold followed. The metal stayed offered for much of the session, slipping to an intraday low of 1026.25/1027.25. It managed to make back lost ground as the trading day unwound, finally settling at 1030.25/1031.25.
Gold took a fresh move lower today to current 1029. The measured move target is 1025 from our triple top confirmed on a break of 1044. Major price support is seen at 1021 from the early highs of Gold in September. We believe a break of 1020 could open up a drop back to 986. We are bearish Gold while the metal closes below 1044.
Pivot – USD1,,032.67
Primary Support (Buy) – USD1,021.53
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,038.63
*SELL = Selling your GOLD investment to gain Profit.
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