spot gold

Yesterday price action on the gold chart finally saw the spot gold price push through the 40 day moving average as well as the key $1200 price point and regaining its upwards momentum in the process and ending as a wide spread up candle.  Today the price action has been somewhat muted as the gold price attempts to break and hold at $1213, which is where on the weekly chart both the 9 and 14 day moving averages are inconveniently sitting.   From a fundamental perspective the spot gold price was also boosted by reports that the world’s largest ETF for gold reported an increase in gold holdings of over 3 tonnes during the past weekReports that the world’s largest Exchange Traded Fund for gold the world reported an increase in gold holdings of over 3 tonnes during the past week.  With nervous equity markets and general flight to quality the short term outlook for spot gold continues to be bullish.

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Is there enough gold to go around?