spot gold price

Spot Gold Price Chart 1 July 2010

Despite considerable dollar weakness profit taking has afflicted the gold market once again as the market hovers somewhat nervously at the $1265 price area. Indeed today’s sell off has sent the price of gold below the 40 day moving average, worrying signal for gold bulls, and should this be confirmed later this evening then the short term picture may turn temporarily bearish before we see of the longer term bull rally.

spot gold price

Spot Gold Price Monthly Chart 2010

Turning to the monthly chart for gold, this remains firmly bullish with all three moving averages still pointing firmly higher and with strong support from both the 9 and 14 month averages as a result.  The weekly chart also confirms this analysis and whilst today’s modest pullback may signal a short term reversal lower the medium and longer term trends are most definitely to the upside.

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