Gold Chart 4 Nov 2009

Gold Chart 4 Nov 2009

Another very positive day for gold prices yesterday, which ended the trading session with a narrow spread up bar which merely reinforced the bullish sentiment which is strongly evident on the daily gold chart as we push towards the $1100 per ounce level, with the crossing of the 9 day and 14 day moving averages simply adding to the bullish view.  Whilst the longer term outlook remains firmly bullish, for intra day gold trading we may see a temporary pullback as the market takes a breather from the strong perfromance of the last few days, but with the solid support now in place below, and and perfect pattern of higher highs and higher lows now being created into a perfect trend, there is little to suggest that any move lower will be anything other than profit taking by gold traders as spot gold prices pause before pushing higher once again.

R1:  1099.48     S1:  1081.69

R2:  1107.16     S2:  1071.58

R3:  1117.27     S3:  1063.90

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