spot gold price

Spot Gold Price 8 Sep 2010

The spot gold price is now tantalisingly poised, preparing to break out into new high ground and set a new record price for the precious metal. Yesterday’s bullish market sentiment for gold once again converted into a strong candle which found excellent technical support from the 9 day moving average which has underpinned the recent rally since late July, along with the 14 day.  In today’s gold trading session the commodity has peered over the parapet, touching a high of $1262.15, just shy of the all time high of $1265.05 per ounce, before pulling back to trade later in the session at $1256.70.  With all three short term moving averages now pointing sharply higher and with the 200 now well below there is nothing to suggest that the present rally has run out of steam and we can therefore expect a new record for the gold price over the next few days.