spot gold prices

Spot Gold Price Chart 15 July 2010

Spot gold prices ended the gold trading yesterday in a narrow range giving us a doji cross signal which once again confirmed the sideways price action for gold that we have seen for the last 2 weeks.  The high of the day once again ran into resistance from the 14 day moving average in much the same way as we saw in Tuesday’s price action on the daily gold chart.

Whilst the longer term trend remains firmly bullish, in the short term we need to see a break and hold above both the 14 and 40 day moving averages which would see gold prices move back about $1225 per ounce at which point we could be assured that the upwards momentum is firmly back in place.  Once this level has been breached expect to see gold return to re-test the recent high at $1265.05 achieved in June.

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Digging for gold again in California