Spot Gold Price Chart 1 April 2010

From a technical perspective there is very little to say about the daily gold chart which continues to trade in a very narrow range with all three shorter term moving averages now tightly bunched around the $1100 per ounce price handle. To the downside the 200 day moving average continues to provide a cushion against any further reversal and the upside only a break and hold above $1150 per ounce will signal a bullish break out for the spot gold price.  Until then we have to accept that trading will be confined to the present range in what is now a very clearly defined trading channel.  In addition the daily chart is now beginning to form a pennant, again around the $1100 price point, and this may prove to be the focus for any breakout in due course.

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Gold Trading News :

China demand for gold set to double