Gold Daily Update – Friday 06 November 2009
Posted November 7, 2009on:
Gold opened at 1093.00/1094.00 in New York. Worse than anticipated non-farm payroll and an unemployment figure over 10% caused the metal to trade erratically and fall to its intraday low of 1085.50/1086.50. The metal then rallied on the back of equities and finally broke 1100, reaching an all-time new high of 1101.00/1102.00. Both oil and equities retreated and gold followed suit, but found support near 1092. It remained range-bound for the rest of the day, before closing at 1094.75/1095.75.
Gold is closing the week at 1095 compared to last week’s close of 1043. We shifted bearish Gold last Friday on the weekly chart but were stopped out above 1070 early this week (I assume the ‘double doji’ should be bearish last week, but i am wrong. Now i am waiting the ends off bull-run after 200 & 400 days movement shifted soon or later). The move above 1070 has opened up a new leg higher with 1101 dealing today. Topside resistance should run into 1106 on a measured move basis. While the unit closes above 1070, the risk is for continued extension to new record levels.
Pivot – USD1,095.21
Primary Support (Buy) – USD1,088.99
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,103.01
*SELL = Selling your GOLD investment to gain Profit.
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