Gold Daily Update – Monday 24 October 2011
Posted October 25, 2011on:
Overnight saw a return of investor risk taking which had all assets higher overnight. Opening higher at 1656.25/1657.25, gold settled into range bound trading for the session. Reaching an intraday high of 1662/1663 shortly after the open, light profit taking then took the metal to its intraday low of 1646.50/1647.50 late in the session. Gold closed the day soon after at 1650.75/1651.75.
A more positive day for gold, but it remains well within its three week range. Technicals are fairly neutral, but most are starting to hint that there is building positive momentum. A break and close above the 100- day moving average of 1665.52 would be encouraging to bulls as would the crossing of the 9-day MA above the 21-day. Considering the
broader market environment we would not be surprised to see gold rally back towards $1,700.
Pivot – USD1,650.59
Primary Support (Buy) – USD1,639.14
*BUY = Buying more Gold to Maximum your investment.
Primary Resistance (Sell) – USD1,665.42
*SELL = Selling your GOLD investment to gain Profit.