spot gold price

Spot Gold Price Weekly Chart 13 Sep 2010

The spot gold price peered over the parapet into new high ground before pulling back nervously to close the week marginally lower as a doji cross candle confirming the short term indecision for the gold market.  The outlook for spot gold, however, still remains firmly bullish as it continues to trade well above all four moving averages with both the 9 and 14 week providing excellent support.  For the longer term the 40 week moving average is clearly supportive of the long term upwards trend for spot gold having provided support, both in July 2009, January 2010 and, more recently, July 2010 – in other words the spot gold price has failed to breach the 40 week moving average for almost 2 years, yet again confirming that once a commodity starts to trend it will do so strongly.  From a technical perspective we cannot underestimate the importance of the 40 week moving average as the gold market now awaits the inevitable breakout into new high ground and a new record price for spot gold.

Gold shines