The gold spot price surged higher once again yesterday, ending the gold trading session at $1196.83 per ounce and having reached a high of $1201.50 per ounce with a wide spread up candle which found excellent support from the 9 day moving average, confirming once again that the bullish sentiment for gold remains strong and that the current trend is set to continue for some time to come. With gold prices now breaking above the $1200 per ounce level and continuing to rise sharply, the only question at present is at what point we will see a pullback in the current trend, and to what level? At present there is nothing on the daily chart to suggest this is likely in the short term, so for the time being we can continue to enjoy the ride higher, with all three moving averages providing solid support.
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Support & Resistance for the Gold Spot Price :
S1: 1180.87 R1: 1207.14
S2: 1164.91 R2: 1217.45
S3: 1154.60 R3: 1233.41
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