Gold Daily Update – Monday 09 November 2009
Posted November 10, 2009on:
Gold rallied to a new all time high overnight as G-20 nations agreed to continue economic stimulus efforts. It opened at 1109.75/1110.75 in New York and traded quietly within a range. Despite stronger equity markets and climbing oil prices, the metal drifted lower. Support was found near 1105.00 and ticked sideways before more investor selling dragged it lower and finally closed on its lows at 1100.00/1101.00.
Gold reached fresh record highs today to 1111. The unit currently at 1104 is closing above last weeks high of 1101. The measured move target was reached today at 1106. While we continue to close above 1070, the trend followers will keep an eye to the topside. Mathematically I can see 1130 causing resistance as it would make the measured length of this move that started at 930 to equate 0.618 Fibo of the move of 683 to 1006.
Pivot – USD1,103.14
Primary Support (Buy) – USD1,095.08
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,110.56
*SELL = Selling your GOLD investment to gain Profit.
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