Spot Gold Price Chart 7 April 2010

Following March’s tedious sideways consolidation for the spot gold price April should mark the traditional start of the gold buying season in Asia and elsewhere and to some extent this has already been reflected in the daily gold chart with gold prices staging a modest rally as a result.  The key price level remains at $1155 with any break above this level suggesting the resumption of the longer term bullish trend.  This is further reinforced by the 9 day moving average which has now crossed above both the 14 and the 40 day suggesting that any breakout from the recent sustained consolidation is likely to come to the upside.  However, for this to be confirmed we need to be patient and wait for the above signal.

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