Gold Daily Update – Wednesday 11 November 2009
Posted November 12, 2009on:
Gold buying overnight took the metal higher and later opened at 1115.50/1116.50 in New York. It stayed bid as the session started, climbing to an all-time new high of 1118.75/1119.75. The metal pulled back from its highs as dealers took profit, washing out some of the longs. A stronger USD inspired more selling, dragging gold to an intraday low of 1111.50/1112.50. The metal managed to recover on light buying as the day moved towards the close, settling at 1113.75/1114.75.
Gold is closing up about $10 at the current 1114 after posting a new all time high of 1118.75 bid. This up move has been so strong, that risk lies with further extension to the Fibo level of 1130. Only a close back below 1070 will shake the long metal positions.
Pivot – USD1,113.61
Primary Support (Buy) – USD1,108.35
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,121.57
*SELL = Selling your GOLD investment to gain Profit.
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