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Gold Trading 7 Sep 2010

spot gold price

The spot gold price has continued to climb inexorably towards the high of June and we now await a new record price for the precious metal which must surely arrive in the next few days.  From a technical perspective today’s wide spread up candle once again confirmed the longer term bullish trend for the metal with the underside of the candle finding strong support from the 9 day moving average, coupled with the 14 day average immediately below.  The precious metal was helped higher today by the markets flight back into safe havens, as investors were panicked by problems in the eurozone, in particular the number of German banks sitting on potential bad loans – hardly a new story!  There is little more to say at present other than to wait for the inevitable break out for the spot gold price into this new high ground and provided we see some clear water below then this will provide a solid platform for a sustained longer term upwards trend for the precious metal.

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