Spot Gold Price Chart 22 March 2010

Spot gold prices continued to struggle to move higher once again last week and indeed failed to even breach February’s high of $1135 per ounce.  Friday’s wide spread down candle was symptomatic of the malaise which appears to have infected gold over the last few months with Friday’s candle closing below both the 9 and 14 day moving averages.  A break below the 40 day moving average will tend to suggest a deeper move in prospect with a possible re-test of the $1060 per ounce price region likely in due course.  To the upside only a break above $1150 with a subsequent hold at this region will indicate a return to some sustained, bullish momentum which at present appears unlikely.  Any move to the downside should find support both from congestion in the $1150 area and also from the 200 day moving average which is currently sitting in this region.

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