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Gold Trading – Gold Market Analysis 31st August 2009

Gold Chart Analysis - Gold Market Trading Price Daily Chart

Gold prices ended the week in much the same way as they started, with gold trading in a tight range once again, despite an attempt to break higher early in the trading session, with the close of the week finishing well withing the envelope of the pennant formation which I have indicated on today’s gold chart. The point of the pennant seems to be heading towards to the $950 per ounce region, with the high of Friday just breaking the upper boundary of this technical formation. With Labor day fast approaching, and the start of a new month for gold traders, we can only hope that this will signal the end of this long period of consolidation for gold prices, and a consequent break out and move away from this relatively narrow trading range. Once the pennant formation has been broken, then we should see a new trend established for the gold market in due course, as the spot gold and gold futures markets return to more normal trading volumes as the summer period comes to an end.

Support: $930.35   Resistance: $955.67

Support: $918.23   Resistance: $929.89

Support: $905.43  Resistance: $917.90