Spot Gold Price Chart 16 Nov 2009

Spot Gold Price Chart 16 Nov 2009

Yet another strong perfomance for the gold spot price yesterday, with the precious commodity ending the gold trading session with a wide sread up candle once again, and providing a bullish start to the week for gold prices once again. Indeed the move was further emphasised by the rising window ( gapped up ) opening at the start of the gold trading session yesterday, which adds further weight to the already strongly bullish sentiment which is self evident once again. I hope you are enjoying the ride and moving your stop losses ever higher to lock in profits, and with all three moving averages pointing sharply higher, the trend seems set to continue for some time to come. However, as always we need to watch the gold chart for any signs of a short term reversal, which will certainly appear in the short term, but longer term will simply be seen as the construction of a series of higher highs and higher lows in a long term ‘text book’ bull trend.

Support & Resistance for the gold spot price:

S1:  1124.87    R1:  1145.74

S2:  1113.14    R2:  1154.88

S3:  1104.00   R3:  1166.61

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