Spot Gold Price Chart - January 12th 2009

Spot Gold Price Chart - January 12th 2009

On Friday daily spot gold prices closed slightly lower in a choppy session with the market making big swings in both directions. Initially the yellow metal was modestly higher but the December non-farm payrolls data showed that job losses nearly matched the consensus forecast which boosted the US dollar and in turn put pressure on gold. Later on despite a stronger US currency gold regained a big part of the early losses in a short covering rally as traders exited positions ahead of the weekend. The short and long term trends are bullish while medium term trend is bearish.

Support:    $844.00 (Friday low)                                      Resistance: $885.17 (high of 05/01/09)

Support:    $836.10 (low of 08/01/09)                                 Resistance: $870.50 (high of 06/01/09)

Support:    $828.70 (low of 23/12/08)                                 Resistance: $868.50 (Friday high)