Spot Gold Price Chart 2 Dec 2009

Spot Gold Price Chart 2 Dec 2009

Yet another strong day for the spot gold price  ( I seem to have written that many times in the last few weeks!!) as the commodity powered through the $1200 per ounce price level outlined in yesterday’s post and closing  the gold trading session with another wide spread up candle to add to that of Tuesday, and closing the day at $1219.82 per ounce.  With all three moving averages pointing ever higher, and with the momentum from yesterday’s candle self evident, it is hard to see at what level we will see a break lower as the market takes a breather, but rest assured we will at some point, but for the time being the message is very simple – keep moving your stops higher as we enjoy the upwards ride on the gold escalator!! From a fundamental perspective and perhaps clue as to when any pullback is likely to occur today’s article in The Telegraph from Ambrose Evans-Pritchard is a must read for all gold traders and gold market watchers.

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Support & Resistance for the Gold Spot Price :

S1:  1203.88     R1:  1227.88

S2:  1187.94     R2:  1235.94

S3:  1179.88    R3:  1251.88