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Gold Trading Analysis 16 Sep 2009

Gold Trading Price 16 Sep 2009

Gold Trading Price 16 Sep 2009

Yesterday’s gold trading price continued the bullish momentum for spot gold ending the trading session with an up candle but with a deep lower wick suggesting that we should see a stronger move higher in gold prices in the gold term.  Indeed this view is reinforced by several candles over the last few days on the daily gold chart which have all ended the trading session with deep lower wicks which have subsequently found support from the 9 and 14 day moving averages, which is always a positive sign that the bullish trend will be sustained.  With the daily close of yesterday finishing well above the $1000 per ounce level we are now in a strong position to see gold prices push higher from this solid platform and break well into the $1000 plus region in the medium term.  This trend high is fully supported by all three moving averages which are pointing sharply higher.

Support:   984.50        Resistance:  1010.60

Support:   964.70        Resistance:  982.78

Support:   944.80         Resistance:  963.25