Gold Daily Update – Thursday 20 October 2011
Posted October 21, 2011on:
Gold eased overnight, opening at 1621.25/1622.25, before settling into a tight range following mixed economic data. After trading to an intraday high of 1626.50/1627.50, the metal slipped down to a low of 1603.50/1604.50 as equities and base metals retreated. A steady recovery throughout the afternoon took us to a close of 1613.00/1614.00.
Gold is completing its fourth consecutive down day at current 1620. This latest move has travelled from 1694 to 1604 so far. We see initial support at 1596 from the October low, and then 1538 from the September low. We are bearrish while the metal holds below key Fibo level at 1684
Pivot – USD1,629.52
Primary Support (Buy) – USD1,593.80
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,655.08
*SELL = Selling your GOLD investment to gain Profit.