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Spot Gold 10 Nov 2010

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An interesting and volatile for spot gold yesterday which saw the precious metal reach a high of $1424 per ounce and low of $1383 before closing the gold trading session as a narrow spread down candle but with wicks to both top and bottom, and eventually closing at $1396.35. ¬†The candle thus formed is giving us a strong signal that we may see a temporary pullback from the recent surge higher and indeed in today’s gold trading session so far, this has certainly been the case once again with the spot gold price oscillating between $1410 to the upside and $1383 to the downside. ¬†Should today’s doji candle be confirmed at the close tonight then this will add further weight to the analysis suggesting a re-tracement and a possible pullback to test the 9 day moving average which currently sits at $1377.21 on the daily spot gold chart.

Over the last two days this has remained untested and any breach here may bring the 14 day into play along with a potential platform of support at $1378.04. With the longer term trend still remaining firmly bullish yesterday’s candle is simply symptomatic of a market that was beginning to overheat and, as such, is cooling off before resuming its upwards path.

Gold breaches $1400 for the first time