Gold Spot Price Chart - Latest Daily Gold Prices 11th January 2010

Following Friday’s disappointing Non Farm Payrolls which came in far worse than expected at -85k (many analysts had been predicting the first positive number in over two years), the US dollar has taken a bit of a battering which has resulted in a quite extraordinary surge in gold as investors bail out of paper assets into precious metals.  Today’s gold chart opened with a significant gap up with the spot price of gold vaulting over the 40 day moving average and suggesting that the recent bullish momentum of late December and early January is likely to remain in place in the short term.  With little meaningful resistance lying ahead on the daily gold chart there is no reason to suppose that we should not see a further attempt to breach the $1180 per ounce price handle in due course with a run once again back towards the psychological $1200 per ounce in the medium term.  The current bullish momentum is further reinforced by the crossing of the 9 day moving average above the 14 day and with the apparent support that this is now providing this adds further weight to the very positive outlook for the price of spot gold.

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