spot gold price for gold trading

Spot Gold Monthly Chart 6 July 2010

Last week’s sharp sell off in spot gold has left the precious metal trading below all three short term moving averages and hints at the possibility of a minor pullback from the $1250 per ounce region.  In order to try and gauge the extent of last week’s pullback we need to put this into context by considering the monthly chart for gold which still remains firmly bullish and even despite last week’s big fall spot gold prices remain well above all three moving averages.  Both the 9 and 14 month moving averages have provided excellent support since early 2009 with the 40 month moving average also providing a platform should the current pullback continue.  As a result my long term outlook still remains firmly bullish, as there is nothing at present on the longer term chart to suggest that sentiment towards the gold price has modified in any way.

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Pullback in last week’s gold price sparked fresh buying