Gold Daily Update – Tuesday 10 November 2009
Posted November 11, 2009on:
Gold opened at 1099.75/1100.75 in New York. Good investor demand quickly carried the metal higher, hitting resistance near 1106.00. It retreated from this level, finding support near 1100.00 before it turned bid and rallied to an intraday high of 1109.00/1110.00. Oil prices later tumbled and gold followed, slipping below the initial support, reaching a low of 1098.00/1099.00. It recovered as the session unwound on the back of light dealer buying, finally settling at 1101.75/1102.75.
Gold is closing unchanged today at current 1104. Today’s price action is showing as an inside day Doji. Topside resistance is seen at yesterday’s record 1111 and support is seen at 1096. The up move has been so strong, that risk lies with further extension to Fibo level 1130. Only a close back below 1070 will shake the long metal positions.
Pivot – USD1,104.57
Primary Support (Buy) – USD1,097.93
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,111.93
*SELL = Selling your GOLD investment to gain Profit.
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