Spot Gold Prices - Gold Chart 7th September 2009

Following the dramatic breakout from the pennant pattern for spot gold prices last  week, there is only one item of interest for gold trading this week, and that is simply which day will see the $1000 per ounce price level broken once again. Sadly Friday failed to deliver the four figure handle on Friday, ending the gold trading session marginally higher and with a deep lower wick to the narrow body, suggesting that the bullish sentiment of earlier in the week remains firmly in place on the gold chart. With all three moving averages pointing firmly higher, and with a strong level of support providing a good platform below, gold bulls will be waiting expectantly for the gold markets to return to normal trading volumes after the Labor day celebrations in the US and Canada today. Following the sharp rise in the price of gold last week, it will no surprise to see some gold traders  banking profits, before entering the market once again, so we may see a small pullback early in the week, before the upwards trend is re-established once again for trading in gold.

Support: 985.60   Resistance: 1004.87

Support: 974.22   Resistance: 983.67

Support: 965.25   Resistance: 973.46