spot gold price

Spot gold finally broke and held above the key $1300 per ounce price handle ending yesterday’s gold trading session as a wide spread up candle with a small wick to the low of the body.  Following the relative inactivity of the past few gold trading session as the market hovered at this key price point, yesterday’s price action came as a welcome relief to gold bulls, adding a considerable degree of momentum to the bullish trend once again which helped to push the price of the precious metal into these fresh price highs.  A key feature of yesterday’s price action was the technical support from the 9 day moving average which once again confirmed the strength of the current trend for the commodity.  At present the demand for gold and gold backed products shows little sign of abating, with the commodity benefiting from the present round of currency wars, coupled with central banks priming their printing presses once again with consequent inflation looming it is little wonder that investors are seeking the ultimate safe haven in these troubled and turbulent times.  The bullish momentum has continued in this morning’s early gold trading session with spot gold currently trading at $1310.50 per ounce at time of writing.

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