Home » Spot Gold Price - Daily News » Current Gold Price – Spot Gold Chart 13th April 2009

Current Gold Price – Spot Gold Chart 13th April 2009

Gold Chart - Gold Prices 13th April 2009

With risk appetite returning and investors pouring money into equity markets gold has seen its traditional safe haven status reduce slightly in trading last week, and it will be interesting to note how this correlation develops during the course of this week, as the earning season gets into full swing in the US.  From a technical perspective spot gold prices remain bearish in the short term with the close of last week remaining firmly below all three moving averages, and for a reinstatement of the previous bullish trend we will need to see several factors combine both technically and fundamentally.  On the fundamental front, the key driver will be US and other equity markets and if results are poor then this could provide a much needed boost to gold prices.  On the technical front we will need to see a break above all three moving averages and penetration of the resistance now firmly in place both at the $900/ounce level through to the $950/ounce region and above if we are to see a retest of the psychological $1000/ounce level.  There is nothing in the chart at present to suggest a short term bullish reversal, and if and until this appears then the short term bearish sentiment remains in place.

The weekly chart for spot gold provides little in the way of clues for us as technical traders, other than to reinforce the bearish short term view with three consecutive downbars.  All that can be said is that the last of these (ie last week) ended with a degree of support from the bulls bouncing off the 40 week moving average which might be considered a positive signal.  However, with little other evidence to confirm or deny this view on a longer term basis we will have to wait and see.

The short term trend is bearish while the medium and long term trends are bullish.

Support:    $877.00 (Fridays low)                                       Resistance: $909.85 (high of 03/04/09)

Support:    $871.05 (low of 07/04/09)                                   Resistance: $896.97 (high of 06/04/09)

Support:    $851.90 (low of 23/01/09)                                   Resistance: $890.02 (high of 08/04/09)