Home » Spot Gold Price - Daily News » “MT4 Gold” Trading Analysis 30 Nov 2009

“MT4 Gold” Trading Analysis 30 Nov 2009

Spot Gold Price 27 Nov 2009

Spot Gold Price 27 Nov 2009

All markets were exemplified on Friday by extremely volatile price action as the Thanksgiving holiday spilled over into Black Friday ( the retailers busiest day in the year in the US as the shopping season gets into full swing ), with extreme price moves a feature of the day.  For the gold spot price this left us with a potentially extremely bearish signal, of a deep hanging man candle, signified with the narrow body and very deep lower shadow, which in chartist terms represents the last effort of a market to rise before it is finally overcome by the selling pressure evident during the session. Whilst the circumstances in which the candle was created (ie potentially thin trading volumes on Friday ) this is a signal I would still treat with some caution, as the depth of the lower shadow is substantial, and with the previous spinning top candle of Thursday ( also a further potential sign of weakness ) we may well see the start of a short term move lower from this price region as a result. The significance of any move lower is likely to be governed by the support provided from the three moving averages, along with the potential support from the various consolidation levels now firmly established below. In the short term therefore we may spot gold prices reverse lower as a result of Friday’s candle, and should we see a break and hold below the 9 and 14 day moving averages then we may see a retest of the $1,145 per ounce level in due course.

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Support & Resistance for the Gold Spot Price :

S1:  1164.18    R1:  1179.68

S2:  1157.74   R2:  1188.74

S3:  1148.68   R3:  1195.18