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Spot Gold Analysis 20 Sep 2010

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Spot Gold Price 20 Sep 2010

Following the break out into new high ground last week spot gold has continued to move higher in the gold trading session once again today, and currently trades at time of writing $1281.35, marginally below its all time high of $1283.45 per ounce.  As we have outlined in many times before in this market commentary the bullish move is firmly supported by both the 9 and 14 day moving averages which continue to provide strong support as the trend gathers momentum with both the 40 and 200 day also beginning to turn sharply higher.  Beneath the upwards move we now have a strong platform of support in place which should provide a barrier in the event of any pullback as the spot gold price continues to trend higher.  The weekly chart provides a classic example of a long term trend for a commodity, with the 40 week moving average providing the backstop as spot gold continues to rise ever higher in a series of higher highs and higher lows.  The medium term target for spot gold remains $1500 per ounce by the end of this year and thereafter we are looking towards the $2000 per ounce in the third quarter of 2011.

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