Home » Daily Gold Price » Spot Gold Prices – Gold Chart 16th April 2009

Spot Gold Prices – Gold Chart 16th April 2009

Gold Price Chart - Spot Gold Prices 16th April 2009

Trading yesterday was once again contained in a very narrow range with both the high and the low of the day sitting squarely between the 9 day and 14 day moving averages, as for Tuesday.  In this case we had a small up day with prices ending the session $2.30 up, but providing little in the way of direction in the short term.  The key point to note is that the last three days have all failed to breach both the $900 per ounce level along with the resistance in this region, creating a series of tweezer tops.  With deflationary worries now high on the agenda, and beginning to appear a reality following a series of fundamental news items in the last few days, one might have expected spot gold prices to have received a significant boost from the news, but this has yet to materialise, which could be a worrying sign for any move higher in the price of gold in the short term.  In addition news that China’s State Reserve Bureau  has been buying and stockpiling other metals such as aluminium, zinc, nickel, and rarer metals such as titanium, indium (thin-film technology), rhodium (catalytic converters) and praseodymium (glass) rather than using its vast dollar reserves to buy gold has probably not helped in pushing the gold price higher.  Technically the chart now has a decidedly bearish feel, and until we see a break through the resistance area outlined above, supported by the moving averages, then in the short term we are likely to see a move lower in gold prices.  My suggestion for today is to stay out of the market until we see some clear trading signals either in the daily or weekly chart.

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

Support:    $884.80 (yesterday’s low)                                   Resistance: $913.30 (high of 11/03/09)

Support:    $871.05 (low of 07/04/09)                                   Resistance: $909.85 (high of 03/04/09)

Support:    $851.90 (low of 23/01/09)                                   Resistance: $899.45 (yesterday’s high)