Spot Gold Price Chart 24 Nov 2009

Spot Gold Price Chart 24 Nov 2009

There is little one can say from a technical perspective about the spot gold price, as yesterday’s narrow spread up candle made it eight straight days of gains in a row, and the current gradient of the chart showing no signs of pausing for breath just yet. Indeed some of the potentially bearish signals that I have outlined in previous gold posts in the last few days have simply been ignored by the market as we push on towards the $1200 per ounce which now seems a possible price by the end of the year, if not sooner, so I hope you are enjoying the ride. With all three moving averages pointing sharply higher there is no sign that the current move is likely to break down soon, so continue with long positions for the time being and move your stop losses ever higher to lock in your profits!

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Support & Resistance for the Spot Gold Price :

S1: 1159.66   R1:  1173.26

S2:  1151.83  R2:  1179.03

S3:  1146.06  R3:  1186.86