Gold Price Chart 10 Nov 2009

Gold Price Chart 10 Nov 2009

Gold prices continued to edge upwards yesterday once again, closing the gold trading session marginally higher, with a narrow spread to the candle but with a deep shadow to the lower body, indicating that the bullish sentiment remains firmly in place for the gold spot price, but given the steepness of the move higher, it is almost inevitable that we will see gold prices roll over at some point as the market takes a breather and moves sideways or slightly lower, before resuming the upwards momentum of the past  few weeks. With all three moving averages pointing sharply higher, and with no potential resistance above, the current rally in gold looks set to continue for some time yet, and until we see a signal in the daily gold chart that the move is breaking down, then the long term trend is bullish, with any short term pullback should be seen as a buying opportunity.

Support & Resistance Levels for spot price of gold:

S1: 1098.52    R1:  1111.19

S2: 1091.00    R2:  1116.34

S3: 1085.85     R3:  1123.86

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