The gold spot price has been finding some traction at the $1115 per ounce price level with yesterday’s gold trading session closing with a narrow spread up candle which brought some much needed relief to the gold bulls following the last two weeks’ of falls.  The key technical indicator for the next few days remains the 40 day moving average which will dictate whether we see a further sell off in the gold spot price or a bounce and recovery in the short term and indeed in today’s gold trading session this average has, once again, provided a modicum of support preventing any further falls in gold prices.   However, with the 9 day moving average now crossing below the 14 day this has painted a somewhat bearish picture but provided the 40 day does indeed manage to contain the gold spot price, we should see a recovery to re-test the $1180 per ounce price handle in due course.

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