Spot Gold Price Chart 17 Feb 2010

Spot gold prices continued to confirm the deep hammer candle of 2 weeks ago ending Tuesday’s gold trading session with a wide spread up candle which broke above the 40 day moving average.  With all three moving averages now below the current gold price the picture is starting to look mildly bullish once again as we now approach an area of relatively deep potential resistance in the $1125 per ounce price handle and should we see this area penetrated then a break and hold above $1150 becomes a real possibility.  Once clear of this secondary price region the recovery is then complete and with a deep platform of support below we can expect to see gold prices surge high to re-test the previous top in the $1220 price point in the medium term.

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