Gold Daily Update – Thursday 05 November 2009
Posted November 6, 2009on:
Gold opened at 1089.75/1090.75 in New York. Better than expected US productivity and fewer jobless claims caused equity markets to rally and helped gold gather momentum, finding resistance near 1092.00. The metal traded erratically in a narrow range, retreating to a low of 1086.50/1087.50 near the London fix. It recovered from its lows on light buying, reaching an intraday high of 1093.00/1094.00. Overall it was a very quiet day as investors moved to the sidelines in anticipation of tomorrow’s key economic data.
Gold has pulled back marginally to 1091 from yesterday’s record close. Today’s price action is showing as an “inside day” with the range of 1084 to 1094 compared to yesterdays 1080 to 1097. We believe the market will buy dips in Gold to 1070 with sellers seen at measured move target of 1106.
Pivot – USD1,090.96
Primary Support (Buy) – USD1,084.19
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,097.72
*SELL = Selling your GOLD investment to gain Profit.
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