Home » Daily Gold Price » Spot Gold Price – Gold Chart 17th April 2009

Spot Gold Price – Gold Chart 17th April 2009

Gold Prices - Daily Spot Gold Chart 17th April 2009

Yesterday we saw a sharp fall in the price of spot gold as safe haven interest waned following  relative stable equity markets as investors decided to take profits, a trend we saw continue in overnight trading with gold futures also suffering from a bout of profit taking.  Spot gold prices were not helped either by a news report that the IMF is  ready to sell off its entire gold reserve, worth around $100 billion, to raise money for less developed countries, a move supported by both China and India.   As a result spot gold prices fell $14.80 to settle at $876.10/oz breaking below the 9 and 14 day moving averages.  With spot gold prices now below all three moving averages the outlook in the short term is very bearish and until we see any reversal signals either in the daily or weekly chart this trend now looks set to continue for some time.  Yesterday’s wide spread down bar easily penetrated the strong resistance in the $890 area, a worrying sign that we could see a further fall today and the next support level to be tested will that at $858 and below.  My suggestion for today is therefore attempt small short positions on an intra day basis, but bearing in mind that many traders will be squaring their positions ahead of the weekend, so close out any trades before the weekend.

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

Support:    $871.50 (yesterday’s low)                                   Resistance: $893.75 (yesterday’s high)

Support:    $866.90 (low of 06/04/09)                                   Resistance: $890.08 (14 day moving average)

Support:    $851.90 (low of 23/01/09)                                   Resistance: $882.89 (9 day moving average)