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Spot Gold Price 5 Oct 2010

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Spot Gold 5 Oct 2010

The spot gold price roared higher today blasting through the $1340 per ounce price handle and at its current rate is likely to reach our initial $1450 per ounce target much sooner than expected.  The march higher by gold has been aided and abetted by the collapse of the US dollar as well increased demand from insurance and pension funds and just about everyone else.  In addition the spot gold price appears to move particularly strongly on a Tuesday although, as yet, it is not clear why this should be happening.  Needless to say there will be a pullback at some point but with no technical signal on the horizon and the gold price trading strongly above all four moving averages there is little point in speculating when this is likely to occur.

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