spot gold price

The bullish trend for the spot gold price continued higher once again yesterday ending as a relatively narrow spread up candle which touched an intra day high of $1349.60 per ounce before closing marginally lower at $1344.90 per ounce.  This positive sentiment for gold has carried forward into this morning’s London gold trading session and has taken the spot gold price to yet another new record high of $1364.55, although at time of writing the price has pulled back to $1357.27 per ounce.  This upwards trend continues to be supported by all four moving averages, with the shorter term averages providing solid intra day support, whilst the 40 and 200 day are sloping higher as well.  The question on everybody’s lips is when is this trend likely to reverse and, if so, to what extent?  All that can be said at present is that there are no technical signals either in the short or medium term to suggest any curtailment.

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