Spot Gold Price Chart 10 Feb 2010

Another relatively quiet day for commodities in general which is reflected in the gold spot price which oscillated in a narrow trading range, ending the day as a narrow spread down bar with a short lower wick to the body of the candle.  From a technical perspective the daily gold chart remains little changed from yesterday with the price of gold still sandwiched between the short term moving averages directly above and the longer term 200 day average immediately below.  Of particular concern is the apparent barrier to any move higher that is currently being presented by the 9 day moving average, with the high of both Tuesday and Wednesday bouncing off this technical level.  This is a worrying sign and should this price action be replicated over the next few days then this will confirm the potential weakness which is now becoming apparent on the daily gold chart.

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