Spot gold price

Gold Price Analysis

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Thursday, November 4th, 2010

Spot Gold Price 4 Nov 2010

Yesterday’s candle on the daily gold spot chart gave us a strong signal once again that the bullish sentiment for the commodity remains firmly in place with the low of the day bouncing off the 40 day moving average and subsequently recovering to hold above both the 9 and 14 day averages once again. The impetus for gold prices was duly delivered by the FED last night which has subsequently seen gold prices surge towards fresh, record highs as the precious metal trades at time of writing fractionally below the $1386.82 all time high at $1383.20 per ounce. The recent re-tracement, and subsequent sideways consolidation, has now produced a strong platform of support and, as such, this will no doubt provide the springboard for a sustained move higher as we move towards our year end target of $1450 per ounce and thereafter, possibly a longer term trend towards $1650 and beyond. The 9 day moving average has now crossed back above the 14 day average giving us a further bull signal and with the longer term moving averages now inclining sharply higher, the long term outlook for spot gold remains firmly bullish.

Commodities rally on back of weaker dollar

Spot Gold Price 1 Nov 2010

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Monday, November 1st, 2010

Friday’s positive close above all four moving averages for the spot gold price re-established the longer term bullish trend as the gold price ended at $1359.20 per ounce whilst also breaking above the recent sideways price platform. Despite today’s minor pullback spot gold managed to trade and hold above our moving averages with the 14 day in particular providing the support to today’s downside test. Whilst the 40 day continues to slope higher, we do need to see the 9 day cross back above the 9 day together with a re-test of the highs of mid October to be certain that the present pullback is nothing more than a minor blip. This week’s focus across the markets is, of course, Wednesday’s FOMC rate decision and statement which is expected to announce details of the FED’s next phase of quantitative easing. The reaction will be seen across all market sectors, not least the US dollar which is expected to fall, with a consequent rise in commodities, and gold in particular.

Could the world go back to the gold standard?

IMF speeds up gold sales amid soaring prices

Gold Rate

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Friday, October 29th, 2010

Gold Price Chart 29 Oct 2010

The gold spot price ended yesterday’s gold trading session as a wide spread up candle which gave us a bullish engulfing signal as we reversed Wednesday’s losses to close back above the 9 day moving average once again and ending at $1343.55. As such, yesterday’s surge higher in the gold spot price confirmed that the recent re-tracement for the precious metal has now come to an end and indeed in this morning’s gold trading session, the metal is higher once again at $1345.85 at time of writing and looking to break above the 14 day moving average which currently sits at $1348.27. In the last two weeks the 40 day moving average has remained unbroken, confirming that the sentiment for gold remains firmly bullish and in the short term we now need to see the 9 day average cross back above the 14 to complete the positive technical picture for the gold spot price. Should this occur over the next few trading sessions then expect to see the gold spot price re-test the high of mid October at $1386.82 and any break and hold here will open the way for the precious metal to move towards our medium term target of $1450 per ounce in due course. The 200 day average continues to incline upwards confirming this longer term bullish picture.

NY Fed revises amount of central bank gold it is holding

Daily Gold Price

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Monday, October 25th, 2010

Gold Spot Price 25 Oct 2010

The slide in the spot gold price appears to have come to an end this morning as normal service has once again been resumed following the conclusion of the G20 meeting at the weekend in Korea. The net result is that further dollar weakness is expected in the short to medium term and as a result we are likely to see a recovery for commodities, including gold, as the metals recover lost ground following last week’s surprise announcement from the Chinese. Friday’s small hammer candle suggested a temporary pause point in the slide which has been confirmed in this morning’s early gold trading with the spot gold price opening gapped up at $1332.60 to trade at time of writing at $1339.63, having touched an intra day high of $1349.00. The key for this week will be a break and hold above the 9 and 14 day moving averages which currently reside at $1351.55 and $1349.60 respectively, and once above these two, we can expect a return to test the all time high of $1386.82 in due course. The 40 day average was untested in last week’s retracement and, as such, continues to provide and excellent platform of support to the longer term trend, as does the 200 day.

Theft hits gold production at African Barrick

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Gold Spot Price 22 Oct 2010

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Friday, October 22nd, 2010

Gold Spot Price 22 Oct 2010

The pullback in the spot gold price continued yesterday with a relatively wide spread down candle which closed the gold trading session at $1324.80 per ounce as it re-engages with a temporary bout of inverse correlation with the US dollar. In other words this week’s temporary bounce in the US dollar has resulted in a consequent fall in commodities, all triggered by the Chinese interest rate decision. This has also seen the first major pull back for gold since June 2010. The question now is whether we are seeing a change in sentiment towards gold or simply a long, overdue correction and for this we need to consider the weekly chart for some clues. As we can see the spot gold trading week is likely to end on a relatively wide spread down bar but one which is still well above all four moving averages, with plenty of clear water to the 9 week average at $1295.37. What is perhaps also self evident is that given we have had 11 weeks of straight gains for spot gold, it is hardly a surprise to see this market pull back as investors and speculators bank profits, ahead of the G20. The key will be whether from a technical perspective, the spot gold price is supported at the 9 week moving average and, if so, then we should see a bounce and recovery from this level.

Super rich by gold by the ton!

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