Gold Price Chart - Daily Gold Prices 17th September 2009

The gold price on Wednesday, continued to push towards the all time high for the gold, briefly touching the $1022 per ounce level before ending the gold trading session marginally lower, but with a wide spread up bar which reinforced Tuesday’s bullish sentiment in the gold market. With all three moving averages pointing firmly higher, we could see a new high for the price of gold in the next few days, should this bullish sentiment remain firm, which seems to be the case at present following the dramatic breakout of two weeks ago. However, today’s trading has seen a minor pullback, with the the gold price ending lower, but with a weak candle on the daily gold chart, particularly given the deep upper wick. Although this candle is bearish, the spread is relatively limited, and therefore the reversal lower may only be a temporary pullback before we see the price of gold surge higher once again. With the weekend ahead, gold traders will be squaring their positions, and therefore Friday may see a fall in the gold price as a result, before we see a return to the bullish momentum once again of the last few days.

Support:   984.50        Resistance:  1010.60

Support:   964.70        Resistance:  982.78

Support:   944.80         Resistance:  963.25