Gold Price Chart 9 Nov 2009

Gold Price Chart 9 Nov 2009

Another positive day for the gold spot price, which ended the gold trading session higher once again with a narrow spread up candle which  breached and held above the $1100 per ounce region, but with a shadow to the upper body, suggesting that we may see a pullback in the short term as traders bank profits following the recent steep move higher. With all three moving averages pointing sharply higher, and with strong potential support areas below, there is little else to say at present other than the outlook for spot gold remains firmly bullish, if and until we see any short term signals such as in yesterday’s candle. The upwards trending channel is now extremely well developed forming into a series of beautfully formed higher highs and higher lows of which the current price level could be the third in the series wth 1,1100 being the higher high with the higher low now appearing to be in the $1075 per ounce region so we may expect a pullback to this level in due course.

S1:  1095.61    R1:  1111.86

S2:  1087.03   R2:  1119.53

S3:  1079.36    R3:  1128.11

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