Spot Gold Price Chart 25 Nov 2009

Spot Gold Price Chart 25 Nov 2009

As I said in yesterday’s post ( and trying not to repeat what I said!!) there is little I can add to the current market analysis for the spot gold price today, other than to say that I hope you are enjoying riding the escalator higher in this strong bullish trend, and moving your stop losses up to lock in your profits as we go. Yesterday was another strong performance for spot gold prices which ended the trading session with a wide spread up candle which added significant momentum to the move given the pause point of last week, and suggests that we have a long way to go yet before the surge upwards runs out of steam. With all three moving averages pointing sharply higher, there is no sign of a slow down just yet as we approach the $1200 per ounce level which should be breached in gold trading sooner rather than later.  However, with the Thanksgiving celebrations in full swing we could see some volatile price action across all the markets over the next two days with many traders now away until Monday next week, so be careful and make sure you have well positioned protective stops in place on all your trades. From a fundamental perspective gold bulls will have been cheered by the news that India may be looking to increase its own reserves of gold once again.

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Support & Resistance for the Gold Spot Price :

S1:  1172.31   R1:  1198.46

S2:  1156.33   R2:  1208.63

S3:  1146.16   R3:  1224.61