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Spot Gold Chart Analysis 23 July 2010

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Spot Gold Price 23 July 2010

Spot gold prices continued to move sideways in yesterday’s trading session, recovering slightly but running into resistance from the 9 and 14 day moving averages, along with the $1200 per ounce price level.  The precious metal appears to have rebased at around $1175 per ounce but for any recovery in the long term bullish trend we need to see a break and hold above $1200 per ounce initially which will also coincide with a breach of the 40 day moving average.  Once clear of this price point then a retest of resistance at $1228 and beyond becomes increasingly likely, followed by a breakout above $1265 and a return to the long term upwards move for spot gold.

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This afternoon’s bank stress results may affect gold price.