Gold Daily Update – Thursday 29 October 2009
Posted October 30, 2009on:
Gold opened at 1033.50/1034.50 in New York and slipped as the session got underway, reaching a low of 1031.75/1032.75. Personal consumption and GDP surpassed expectations causing equity markets to quickly rally and gold followed. Resistance was established near 1040.00, however more buying carried it above this level and continued to climb, peaking at 1047.75/1048.75. It traded lightly near its highs as the day unwound, closing at 1046.25/1047.25.
Gold has made a dramatic recovery today to current 1046. This is an impressive move considering the unit closed yesterday at 1028. The break back above 1044 has us shifting from bearish to neutral on the daily charts. We are back in the previous ranges with topside resistance at 1059 and 1067. Downside support levels are seen as 1044 and 1027.
Pivot – USD1,040.07
Primary Support (Buy) – USD1,032.23
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,053.53
*SELL = Selling your GOLD investment to gain Profit.
When you signup for PayPal, you can start accepting credit card payments instantly. As the world’s number one online payment service, PayPal is the fastest way to open your doors to over 150 million member accounts worldwide.
Best of all, it’s completely free to sign up!