spot gold price

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