Home » Daily Gold Price » Spot Gold Prices Today – 27th February 2009

Spot Gold Prices Today – 27th February 2009

Daily Spot Gold Chart - 27th February 2009

We saw a continuation of profit taking in spot gold yesterday which was mainly attributed to fresh optimism in equities compared to earlier in the week with the Dow Jones up for most of the day before falling to steady levels. The inability to break convincingly above $1000 mark was another reason for gold declining in recent sessions and as I mentioned in previous posts, holdings in gold exchange traded funds remained stuck after hitting record highs last week. Worries of a returning inflation are not making the headlines as often which could start to undermine gold. As we are now below both the 9 day and 14 day moving averages, we need to take care that our bullish sentiment does not color our technical analysis of the charts. Clearly at the moment we are in a short term reversal and the key support area is at the $915 – $925 level. If prices do move back to retest this area then we could see a move back down to the next area at $870. For long term positions I believe this offers a good opportunity to open new long positions provided the support level immediately below does indeed hold. The key to the entry point will be a daily reversal signal in the chart which we have yet to see. As soon as it appears then this may present us with the opportunity to buy again but we will have to be patient and take a wait and see approach over the next few days. Rest assured as soon as I see one I will let you know!

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

Support:    $931.10 (yesterday’s low)                                   Resistance: $978.45 (high of 25/02/09)

Support:    $910.00 (low of 11/02/09)                                   Resistance: $966.84 (9 day moving average)

Support:    $899.85 (40 day moving average)                             Resistance: $956.65 (yesterday’s high)