Gold Prices 20 Oct 2009

Gold Prices 20 Oct 2009

Gold prices, like many other commodities yesterday, took a breather from the recent rally, and ended the trading session with a  narrow spread down bar, as gold prices once again hovered at the 1070 per ounce level. However, whilst this could be considered a negative signal that this price level seems to be providing some resistance, the positive aspect of yesterday was the support from the 9 day moving average which once again signalled that this is likley to be a short term move lower, and not a longer term correction. However, for longer term gold trading we do need to see this level breached, and if so then the recent rally in gold prices should continue with renewed strength as we break out into new high ground on the daily gold chart once again.