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Spot Gold 1 Dec 2010

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Gold Chart 1 Dec 2010

A strong performance for spot gold yesterday which closed the gold trading session as a wide spread up candle which finally broke out from the recent sideways consolidation of the past few weeks.  In addition to injecting some much needed momentum into the gold chart, the close at $1383.95 per ounce also took us well above potential resistance at the $1381 level and, as such, this should now provide a solid platform of support for a continuation of the move higher and a return to the longer term upwards trend.  The break to the upside came as no great surprise given the series of higher lows over the preceding two weeks which, as always, give a strong signal that any break from a sideways consolidation is likely to be to the upside.  The positive momentum has spilled over into this morning’s early trading with gold trading, at time of writing, at $1389.45 per ounce, having attempted to breach the $1400 per ounce price level once more.  The 9 day moving average has crossed above the 14 day giving us a further bullish signal and with the 40 day average providing an excellent platform in the medium term we should now expect to see gold climb higher towards our initial target of the $1424 high of early November.