Gold Spot Chart 17 May 2010

Following gold’s recent breakout Thursday & Friday’s doji candles which both broke out into new high ground, are now signalling that the market is about to take a breather.  This is particularly true of Friday’s long legged doji candle generally a strong signal of a market which is indecisive and therefore likely to turn in the short term.  As a result we can expect to see spot gold prices move lower in the next day or so but fully expect the longer term bullish rally to continue in due course with all four moving averages pointing sharply higher helping to sustain such a move.

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