Trade With Common Sense! Free Stock Conference Email -

Gold finally made its run above the magical $1,000 mark on Tuesday, September 8th, 2009 breaking free from a two-month trading range between $930 and $970 an ounce. For the third time, gold soared past the $1,000 level, causing the market to eye the precious metal's record of $1,033.90 reached in March 2008. While Citigroup is predicting a $2,000 scenario by next year due to continuing dollar weakness, a number of bullish factors, both near and long term, have converged to boost gold.

Technical Rally

Gold rallied to $997.20 an ounce last week after an earlier slide in stock markets pushed it through key technical resistance levels of $962 - $976 triggering buy orders (Fig. 1). Currently, the $1000 - $1035 is a technical pivot point for gold. In dollar terms, gold broke the 1,000 resistance, with the next hurdle of February’s peak of $1,005 followed by the March 2008 record of $1,035. In euro and sterling terms, spot bullion broke above its 100 and 200-day moving averages, both considered as buying signals....Read More

Views: 6


You need to be a member of StocksStar to add comments!

Join StocksStar



Indian Market

Started by STOCKSSTAR. Last reply by vipinbulls Jun 22, 2020. 3 Replies

International Markets

Started by STOCKSSTAR Feb 5, 2014. 0 Replies


Started by STOCKSSTAR. Last reply by STOCKSSTAR Nov 1, 2009. 5 Replies

Stocksstar in Indian Express

Started by STOCKSSTAR Aug 23, 2009. 0 Replies

Happy Independence Day - India

Started by STOCKSSTAR Aug 15, 2009. 0 Replies


© 2021   Created by STOCKSSTAR.   Powered by

Badges  |  Report an Issue  |  Privacy Policy  |  Terms of Service