Gold Price Chart - Daily Candle Chart 17th March 2009

Gold Price Chart - Daily Candle Chart 17th March 2009

A day of indecision yesterday on the gold chart, with a small doji candle on the day, finishing the session amidst all three moving averages, and with no clear direction either one way or the other, losing $4.10 overall and finally settling at $923.10/oz with the 40 day moving average now sitting above the rest of the moving averages. In summary a very messy picture!  It was a move which followed the stock market, but going in the opposite direction. An earlier stronger tone in the Dow Jones, signalled that some investors are turning from gold back into equities, willing to start taking on risk once again, so gold’s appeal as a safe haven waned during the afternoon and evening sessions. Although the long term trend is likely to remain bullish for gold and gold bullion, its immediate direction is probably going to react to what happens in the equity markets, which in turn will be following developments in how effective the bailout program will be. From a technical perspective, today is most definitely a do nothing day, for longer term trading until the picture becomes clearer, and we wait for longer term buying signals in due course. In the short term for intra day trading I will be posting later once the trading session moves into the US with my any short terms signals. The latest gold prices are now available on the live spot gold charts – simply follow the link to for an up to date spot gold price.

The short term trend is bearish while the medium and long term trends are bullish.

Support:    $915.25 (yesterday’s low)                                   Resistance: $942.10 (high of 09/03/09)

Support:    $906.55 (low of 12/02/09)                                   Resistance: $938.50 (high of 13/03/09)

Support:    $890.40 (low of 10/02/09)                                   Resistance: $929.70 (yesterday’s high)