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Spot Gold Price Analysis 30 Sep 2010

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Spot Gold 30 Sep 2010

Having finally burst through the $1300 per ounce price handle on Tuesday the gold market has been taking a breather over the past two days with yesterday’s small doji candle, has been repeated in today’s gold trading session with a similar but slightly larger in size.  As such these represent a market which is has not only paused for breath but may also be signalling a minor pullback from its recent rapid and inexorable rise since late July.  It is interesting to note that in today’s spot gold price action the low of the day touched the 9 day moving average before recovering once again to trade at $1308.00, marginally below the high of the day at $1315.70.  The support from the 9 day moving average would suggest that the longer term trend remains firmly in place, a view confirmed by the presence of the 14 day average which also continues to provide excellent support.  However, given today’s trading signal, should this be confirmed at the close of the market, then we may expect to see a minor reversal for the spot gold price over the next day or so but provided the 9 and 14 day averages provide a platform of support then this is unlikely to be anything other than a minor correction in the longer term bull trend.  My forecast for the spot gold price remains the same, and I expect to see the precious metal reach in excess of $1500 per ounce in the first half of 2011.

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