spot gold price

The spot gold price on the weekly gold chart ended last week as a narrow spread down bar, once again indicative of thin market conditions and a lack of impetus at present.  The price action last week closed below the 9 and 14 week moving averages, but the low of the week was identical to that of the previous week at $1185.25, suggesting that there is a degree of support at this price level.  With the 40 and 200 week moving averages still pointing higher the longer term outlook for gold remains firmly bullish and once we see a recovery and hold above the previous high of $1262.40 then this will, once again, signal a strong move higher and a continuation of the longer term bullish trend.

Merits of commodity investing – including gold