Gold Daily Update – Wednesday 04 November 2009
Posted November 5, 2009on:
Gold rallied overnight and opened strong at 1090.75/1091.75. As the session got underway the metal saw resistance near 1094. Oil rallied mid-morning with falling inventory levels, compounded with a stronger EUR caused gold to peak at 1095.75/1096.75. Prices saw support around 1092 but declines in equities and oil pulled the metal down to a low of 1085.25/1086.25 before it closed at 1086.25/1087.25. The Fed announcement to leave rates unchanged initially caused a somewhat erratic but range-bound market. The metal was then well bid and reached its new all-time high of 1097.75/1098.75.
Gold continues higher today to current 1095. The metal has come straight up from 1043 over the last three days. As we are reaching fresh record highs in price there is no historical price resistance. We see 1106 as a measured move target. This level equals the distance from triangle break out at 965 that equates to the move we saw from 1006 to 865 in Q2. Support now comes in at 1070 from our previous high.
Pivot – USD1,090.17
Primary Support (Buy) – USD1,082.61
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,100.05
*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!