Gold Chart 10 May 2010

Spot gold prices continued to push higher on Friday following the bullish momentum of Thursday’s wide spread up candle ending the trading session with a narrow spread and shadows to both top and bottom.  During the course of gold trading on Friday we once again breached the $1200 per ounce price level, a psychological price point as we now push on towards the previous high at $1225 per ounce which should be achieved in due course.  With excellent support from all of our short term moving averages the outlook looks promising for a continuation of this current bullish rally and a breakout into new high ground in the medium term.  Any short term pullback should be seen as a buying opportunity provided the low of the trading session does not breach the 9 day moving average.

What is the best platform for gold trading?  In my view it is Metatrader 4.  Download your free demo copy of the metatrader 4 software by clicking on the following link, download metatrader free, and get started today.

Gold Market

Gold hits all time high in sterling terms