Gold Daily Update – Friday 13 November 2009
Posted November 14, 2009on:
Gold opened at 1107.25/1108.25 in New York. Wider than expected US trade deficit caused equity markets to retreat and gold followed. The metal slipped to an intraday low of 1102.50/1103.50 before turning bid as the dollar became well offered. It was later swept higher, triggering stops, finding resistance near 1114.00. However the metal continued to tick higher as the session progressed, peaking at 1117.50/1118.50. Gold traded lightly within a range as the day unwound, closing at 1116.00/1117.00.
Gold has completed its second up week off of correction pull back 1027. The unit is currently at 1116 shows no sign of slowing despite the extended nature of the move. Current measured move target remains 1130. While the unit remains above 1070 the risk remains for higher prices.
Pivot – USD1,114.54
Primary Support (Buy) – USD1,105.71
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,127.83
*SELL = Selling your GOLD investment to gain Profit.
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