Spot gold price chart for trading gold

Despite some dollar strength coming into the market spot gold continues to trade within the channel of the last 3 months albeit with a bias to the bear side.  Yesterday’s small doji cross provides little in the way of any meaningful signals but simply confirms the directionless of the spot gold price at present, as it looks to oscillate between $1150 to the upside and $1065 to the downside with yesterday’s trading closing below all three short term moving averages.  Having failed to break $1150 on two occasions we now look set for a re-test of the lower level of this channel with this morning’s price action moving to the downside once again.  Any break below the $1065 per ounce price handle could signal a much steeper fall and we may even re-test the 200 day moving day average as a result.  If this is broken then the $1000 per ounce price handle could be under threat.

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