Gold Daily Update – Tuesday 17 November 2009
Posted November 18, 2009on:
Gold opened at 1131.25/1132.25 and dipped marginally as the trading day began, reaching a low of 1130.50/1131.50. This move reversed, despite a rallying dollar and weaker equity markets and climbed for much of the session, finding mild resistance near 1136.00. It briefly retreated, but stayed well supported on the back of more fund buying, carrying gold to an intraday high of 1139.75/1140.75. Light profit taking took it lower as the day unwound, finally settling at 1138.75/1139.75.
Gold is closing as a flat inside day at current 1138. Yesterdays record high at 1143 is our closest resistance. The bullish trend is strong, with 1188 our top side measured target. Last week’s high of 1125 will now act as a pivot for weak longs. Bigger support will be seen at Thursdays low 1101.
Pivot – USD1,137.62
Primary Support (Buy) – USD1,131.63
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,147.58
*SELL = Selling your GOLD investment to gain Profit.
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