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Gold Trading Spot Gold 22 Sep 2010

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Gold Chart 22 Sep 2010

The bullish momentum for spot gold was given a further boost yesterday following the FOMC statement which hinted at further quantitative easing with the precious metal hitting a new of $1290.58 on the day and ending as a wide spread up candle with a wick to the underside. ┬áThis momentum has carried through into this morning gold trading session with spot gold just failing to breach the $1300 per ounce level to trade at time of writing at $1294.35 per ounce. ┬áThis move higher is fully supported by all 4 moving averages with the 9 and 14 in particular providing strong support as evidenced by yesterday’s minor pullback and consequent recovery which provides us with a further strong signal that the present move remains firmly to the upside.

Gold hits another record as it nears $1300 per ounce