spot gold price

The spot gold price continued its recent strong performance closing yesterday’s gold trading session as a relatively wide spread up bar which briefly touched the $1240 per ounce price handle, before closing marginally lower.  Yesterday’s positive price action followed on Tuesday’s strong gold trading signal, namely the deep lower wick of the candle which saw gold bulls keep the gold price above all four moving averages. The positive tone was further reinforced by excellent support from the 9 and 14 day moving averages as spot gold looks to re-test the all time high of $1265 per ounce.  From a fundamental perspective gold demand continues with this year’s second quarter showing a rise of 36% to 1050 tonnes, driven in great part by the exchange funds who saw their holdings increase by over 400%.

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