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Spot Gold Price 1 Nov 2010

gold price analysis

Friday’s positive close above all four moving averages for the spot gold price re-established the longer term bullish trend as the gold price ended at $1359.20 per ounce whilst also breaking above the recent sideways price platform.  Despite today’s minor pullback spot gold managed to trade and hold above our moving averages with the 14 day in particular providing the support to today’s downside test.  Whilst the 40 day continues to slope higher, we do need to see the 9 day cross back above the 9 day together with a re-test of the highs of mid October to be certain that the present pullback is nothing more than a minor blip.  This week’s focus across  the markets is, of course, Wednesday’s FOMC rate decision and statement which is expected to announce details of the FED’s next phase of quantitative easing.   The reaction will be seen across all market sectors, not least the US dollar which is expected to fall, with a consequent rise in commodities, and gold in particular.

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