Home » Spot Gold Price - Daily News » Spot Gold Prices – Daily Gold Chart 15th July 2009

Spot Gold Prices – Daily Gold Chart 15th July 2009

Spot Gold Prices - Current Gold Chart 15th July 2009

Yesterday’s trading in spot gold was characterized by a symbiotic relationship between the fundamental news and the technical picture on the gold chart.  A combination of higher than expected PPI data in the US, raising inflationary expectations, coupled with gold prices clinging to the $900 per ounce price handle all helped to lift the price of gold.  From a technical perspective the session ended with a relatively wide spread up bar which broke through the 9 day moving average and closed marginally below the 14 day where spot gold prices found some resistance.  Overall gold prices gained a total of $5.63 to settle at $924.60 per ounce.  The $905 price level seems to have provided a platform for a short term rally and indeed in this morning’s early trading spot gold has broken above the 14 day moving average as a follow through to yesterday’s bullish tone.  However, we need to be cautious in any trades to the long side as the recent reversal of lower highs and lower lows is still in place, and for any confirmed move higher we will need to see a definitive break and hold above the $940 price level, with all three moving averages providing good support.  Should this occur then we may well see a further rally higher with the next target being a break and hold above the strong resistance created in early June at the $955-$960 price level.

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

Support:    $917.25 (yesterday’s low)                                   Resistance: $935.00 (high of 22/06/09)

Support:    $912.70 (low of 23/06/09)                                   Resistance: $932.10 (high of 07/07/09)

Support:    $907.45 (low of 13/07/09)                                   Resistance: $927.70 (yesterday’s high)