Spot Gold Price Chart 11 March 2010

The spot gold price continues to remain mildly bearish with yesterday’s relatively wide spread candle breaking below the 9 and 14 day moving averages above but finding support from the 40 day moving average below.  However, as outlined in previous gold market commentaries owing to the tight bunching of the shorter term moving averages their effectiveness is somewhat diluted at present.   Spot gold prices are likely to remain range bound for the time being trading between $1150 to the upside and $1060 to the downside and only a breach in either direction will signal an associated breakout.  Until then expect further sideways price action and given the recent reversal this is likely to be downside in the short term with a possible bounce higher as we approach $1075 per ounce.  Any breach of this will signal a much deeper move lower, possibly to re-test support at the 200 day moving average.

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