Friday’s wide spread up candle on the gold chart confirmed our view that gold prices continue to remain mildly bullish with the week closing above all four moving averages once again, and with the low of Friday finding strong support from the 9 day moving average.  Friday’s high once again tested the underside of potential resistance which we are now approaching at the $1125 price handle which extends up to $1150, and for the current rally to continue we need to see this area penetrated with a consequent break and hold above the upper price point.  With the 9 day moving average now crossing above the 14 day and about to cross the 40 day this is adding to the generally bullish feel for gold.  However, only a break and hold above $1150 will signal an end to the current sideways consolidation with the opportunity for a sustained move higher back into the $1200 per ounce region.

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What is the best platform for gold trading?  In my view it is Metatrader 4.  Download your free demo copy of the metatrader 4 software by clicking on the following link, download metatrader free, and get started today.

Round up of weekly fundamental news likely to move markets.  Currency forecasts for the week.

Gold News :

Consumers still selling gold as recession bites