Spot Gold Price Chart 20 Nov 2009

Spot Gold Price Chart 20 Nov 2009

Despite the initial signs of weakness on the daily gold chart of the last few days, the spot gold price managed to climb higher once again on Friday, ending the trading session with a narrow spread up candle but with a deep shadow to the lower body, suggesting that the bullish sentiment which was beginning to show signs of flagging ( as evidenced by the two hanging men candles and shooting star between) seemed to have remained firm, despite these bearish signals. This view is also confirmed by the support again being provided by the 9 day moving average, with the low of the day bouncing off this key level once again, a positive signal in the short term. Whilst Friday’s candle has reduced the impact of the bearish tone of last week, it is less convincing than we would otherwise have hoped, and whilst it is a positive signal, there must remain some doubt as to whether it is of sufficient strength to assume that the possibility of a move lower has now receded. Much will depend on today’s price action, with strong move higher signalling that the trend remains unbroken, whilst a move lower could signal that the bearish sentiment first seen last week is likley to take control in the short term, so an important day ahead.

Support & Resistance for the Spot Gold Price:

S1:  1151.39    R1:  1161.30

S2:  1144.88    R2:  1164.70

S3:  1141.48    R3:  1171.21

What is the best platform for gold trading?  In my view it is “mt4 gold” .  Download your free demo copy of the metatrader 4 software by clicking on the following link, download metatrader free, and get started today.