Spot Gold Price Chart 13 Nov 2009

Spot Gold Price Chart 13 Nov 2009

Another strong end to the week for the gold spot price, which surged higher once again recovering all the lost ground from Thursday, and closing the day and the week in bullish mood with a wide spread up candle which closed marginally below the $1,120 per ounce level. This positive sentiment was further reinforced on Friday with the support provided by the 9 day moving average which once again provided a solid platform for the move, suggesting that this trend had a long way to run. With all three moving averages pointing higher, and with little evidence of any change in direction at present, the mood for spot gold remains firmly bullish in the short and medium term.

Support & Resistance for the Gold Spot Price:

S1: 1106.37    R1:  1125.14

S2: 1094.00   R2: 1131.54

S3: 1087.60  R3:  1143.91

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