Home » Spot Gold Price - Daily News » Gold Spot Price – Gold Price Daily Chart 13th July 2009

Gold Spot Price – Gold Price Daily Chart 13th July 2009

Spot Gold Chart - Current Spot Gold Prices 13th July 2009

Although the pendulum is still swinging between the inflationists and deflationists recent data has suggested that the global economy may be facing more of a danger from the latter and this is impacting the price of spot gold which on Friday finished $1.05 down to settle at $912.15 per ounce.  The fall in gold prices was also aided and abetted by a strengthening of the US Dollar.  However, perhaps much more important is that this week sees the start of the US earning season when every quarter US giants such as Microsoft and Apply release their latest figures which can result in huge swings and volatility across all markets as fear once again stalks the financial world.  In addition there was a rumour in the US that a second massive stimulus package would be required to further prop up and stabilize the fragile economy.   From a technical perspective Friday’s candle provided us with little in the way of a significant pattern, other than the price of gold seemed to find some support during the trading session closing the day marginally lower but with a deep lower wick.  With all three moving averages weighing heavily at present the tone remains extremely bearish, and the only positive that we can take from the gold chart for the last three days is that the low of each day has found some support in the $905 price region.  Spot gold prices remain firmly entrenched deep in the consolidation area of the past few months and a break and hold above $950 per ounce or below $870 per ounce could prove a defining position.

The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support:    $906.65 (Friday’s low)                                      Resistance: $932.10 (high of 07/07/09)

Support:    $895.30 (low of 06/05/09)                                   Resistance: $925.65 (high of 08/07/09)

Support:    $889.45 (low of 23/04/09)                                   Resistance: $915.30 (Friday’s high)