Gold Prices 21 Oct 2009

Gold Prices 21 Oct 2009

Once again it was a day of indecision and uncertainty for spot gold prices, which hovered below the previous top at 1070 per ounce once again, which is now starting to become a worrying signal, particaulry as yesterday’s candle ended as a doji cross – not a positive sign following the sustained pause at the price point.  However, on a more positive note, the close of the day found support from the 9 day moving average whilst the low of the day found support from the 14 day moving average which are both encouraging signals, so this may simply be the gold market taking a breather at this level, before breaking out into new high ground in due course. The key level is now the old top as outlined above, and should this be breached in due course, then we should see spot gold prices continue to push higher once again.