Spot Gold Price Chart 12 Nov 2009

Spot Gold Price Chart 12 Nov 2009

Gold spot prices finally drew breath yesterday, as we ended the gold trading session with a relatively narrow spread down candle, and one with a small shadow to the upper body, suggesting an element of bearish sentiment, as gold traders banked some profits from the recent sharp rally in the price of gold.  It is interesting to note from yesterday’s price action that despite gold prices moving lower during the trading session, they needed no support from the moving averages to prevent any deeper fall, and indeed the low of the day even failed to touch this technical indicator, suggesting that the bullish sentiment remains firmly in place for the time being. Indeed this seems to have been confirmed in early trading this morning with the low of the day to date finding good support from the 9 day moving average, confirming once again that the trend remains firmly established. With the weekend now ahead we may see gold traders squaring their positions and taking further profits off the table, so we may expect to see a short term move lower, before spot gold prices push higher again as we move into a new gold trading week.

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Support & Resistance for gold spot prices:

S1:  1096.65   R1:  1117.49

S2:  1088.80   R2:  1130.48

S3:  1075.81