2010-01-08

Gold pushed higher today to the key technical pivot near 1140

Gold opened on its lows at 1124.50/1125.50 and gathered momentum as the dollar retreated, finding resistance near 1130.00. Oil initially tumbled on the back of much greater than anticipated weekly inventories, but later made back lost ground and gold followed. Investors continued to push the metal higher, peaking at 1138.00/1139.00. It ticked marginally lower near the tail end of the session, finally settling at 1135.75/1136.75.

Technical Commentary
Gold pushed higher today to the key technical pivot near 1140. We think this area should provide good resistance with a break opening up the former high of 1168. This 1168 level is also the 61.8% Fibonacci pull back from our 1226.50 to 1075 December correction. Support comes in at last week’s high of 1113.

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