Home » Spot Gold Price - Daily News » Spot Gold Prices – Current Gold Price Chart 17th June 2009

Spot Gold Prices – Current Gold Price Chart 17th June 2009

Godld Spot Price Chart - Daily Gold Prices 17th June 2009

Despite a mixed and, at times even contradictory, fundamental picture yesterday of a weaker US dollar, stronger crude oil prices yet better than expected US housing data, spot gold prices ended the day $3.65 higher to settle at $934.00 per ounce, as investor attitude to risk and inflation is played out in the gold chart.   From a technical perspective spot gold, like many other commodities and currencies, is at a tipping point at present, largely as a result of the US dollar’s delicate position on the Dollar Index coupled with the continued surge in crude oil prices.Yesterday’s candle was indicative of this sensitive picture closing the day marginally below the 40 day moving average but slightly up overall.  As outlined in yesterday’s market commentary the key to the medium term for the price of gold will be whether the 40 day moving average continues to provide a barrier to a deeper move as evidenced in the last two days.  Should this fail to hold then we may well see a much deeper move initially to the $922 price region and possibly even further to re-test support in the $905 price point and above.   For the gold bulls we need to see a break above the strong resistance now in place at the $958 price region coupled with a breach and hold above both the 9 and 14 day moving averages which are now suggesting a short term bearish picture having crossed in the last few days.

The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.

Support:    $928.70 (yesterday’s low)                                   Resistance: $956.02 (high of 21/05/09)

Support:    $919.95 (low of 14/05/09)                                    Resistance: $940.61 (high of 20/05/09)

Support:    $914.93 (low of 18/05/09)                                   Resistance: $939.70 (yesterday’s high)