Gold trading

Gold Trading Chart 22 June 2010

Having broken out into new high ground spot gold prices pulled back temporarily yesterday as profit takers entered the market closing out positions as a result.  Whilst technically this has given us a bearish engulfing signal, the low of the day found strong support from both the 9 and 14 day moving averages suggesting that the signal may not be confirmed in due course.  Indeed in early gold trading today the same picture has emerged with gold prices testing these two averages once again which to date have held firm and supported and modest recovery as gold trades at $1238.63 at time of writing.  Should the bearish engulfing candle be ignored then expect to see gold prices continue their upwards move which would seem likely from today’s price action.

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Gold Trading

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