Gold Price 6 Nov 2009
A quiet end to another dramatic week for gold prices, as they closed marginally higher once again with a narrow spread up candle, which briefly breached the $1100 per ounce level during the gold trading session before falling back to close marginally below. With all three moving averages pointing sharply higher, and with significant areas of potential support below, the outlook for spot gold remains firmly bullish and we should now see a sustained period of bullish momentum which seems set to continue for some time to come, with any short term pullback in the gold market seen as a buying opportunity for the next ‘leg’ in the upwards trend for spot gold prices.
R1: 1100.86 S1: 1087.59
R2: 1107.22 S2: 1080.68
R3: 1114.13 S3: 1074.32
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