Gold Daily Update – Friday 30 October 2009
Posted October 31, 2009on:
Gold opened at 1043.00/1044.00 in New York. The metal traded erratically within a range, spiking to a high of 1045.00/1046.00. Light profit taking dragged it lower as the session progressed. Investors dumped the metal for much of the day as equities tumbled and oil prices retreated, reaching an intraday low of 1034.50/1035.50. It recovered marginally but remained heavy, finally settling at 1039.50/1040.50.
Gold on the weekly chart is closing as a down session at current 1041. This bearish candle follows our “Double Doji Inside Week” highlighted in last Fridays report. The lower week confirms a turn in our bull trend. Suggest Gold should move lower next week to initial target 1020. The 1020 is viewed as a major support. A breach of this level opens up a retracement to 986.
Pivot – USD1,043.10
Primary Support (Buy) – USD1,037.30
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,051.00
*SELL = Selling your GOLD investment to gain Profit.
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