Spot Gold Price Chart - 11th December 2009

Spot Gold Price Chart - 11th December 2009

A quiet trading day for the spot gold price yesterday as the market continued to consolidate following the sharp sell off of the last few days, ending the gold trading session with a doji cross candle, which followed Wednesday long legged doji.  The most significant aspect of yesterday’s gold trading session was the fact that, once again, the low of the day found some good support from the 40 day moving average which suggests that the recent downwards pressure may be starting to wane and coupled with the mid week doji candle this begins to indicate that we should see a reversal and recovery in due course.   However, for any sustained and meaningful recovery we need to see a break and hold above both the 9 and 14 day moving averages, and if this is combined with a breach of the minor resistance now in place $1180 per ounce region, then we should see a resumption of the strong bullish trend of the last few weeks and a solid end to the year for gold prices.

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