Spot Gold Price Chart 23 Nov 2009

Spot Gold Price Chart 23 Nov 2009

An interesting and slightly unexpected development on the daily gold chart with the gold spot price not only breaking higher once again, but also confirming this sentiment with a gapped up opening to the trading session, adding some weight to the bullish trend once again. Whilst this is a very pleasant surprise, and certainly fails to validate the bearish signals I outlined last week, which we can now ignore for the time being, once again I need to advocate a degree of caution, as the candle created in today’s gold trading session, may well develop into a morning star, which is often the first sign of market reaching a top. However, as always we need to see this signal confirmed by today’s price action, and should we see a gapped down open tomorrow, followed by a down candle on the day, then this would indeed provide a strongly bearish signal. This may not happen of course, and with all three moving averages still pointing sharply higher, then the sentiment for spot gold remains heavily bullish, if and until we see any signals that suggest the mood has changed, with today’s price action potentially providing an early warning of trouble ahead!! – we will just have to wait and see.

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Support & Resistance for the Spot Gold Price :

S1:  1153.58    R1:  1171.58

S2:  1145.71    R2:  1181.61

S3:  1135.63    R3:  1189.48