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

Spot Gold Prices – Daily Gold Chart 17th July 2009

Gold Prices - Latest Gold Price Chart 17th July 2009

Gold Prices - Latest Gold Price Chart 17th July 2009

News from the Bombay Bullion Association that India’s gold imports had fallen 52% year on year in June to 11.6 tonnes and a fall in jewellery consumption does not seem to have dented investor demand for gold which has seen record inflows as the US Dollar has weakened.  However, gold traders and investors may wish to consider recent comments from Treasury Secretary Geithner when he stated that current US policies were “designed to lay the conditions for a strong dollar” so it remains to be seen if the current correlation will be maintained should the US Dollar regain ground in the medium to longer term as these correlations can and do change over time. From a technical perspective the 40 day moving seems to be proving pivotal for spot gold prices at present, and presented a barrier to any move higher both on Wednesday and Thursday.  Yesterday’s candle ended the trading session with a narrow body and with the high of the day failing to penetrate this average once again which could be a signal that the recent reversal in gold prices may be running out of steam.  Coupled with the strong resistance in place at this level, the combination of this with the 40 day moving average may prove to be sufficient to prevent any further rise in the price of spot gold.  With the weekend ahead and very little fundamental news today most gold traders will be squaring their positions and we are therefore likely to see a day of sideways drift in a narrow range.  Overall, gold finished slightly lower  losing $2.27 to settle at $936.50/oz.

The short term and medium term is sideways while the long term is bullish.

Support:    $932.40 (yesterday’s low)                                   Resistance: $948.22 (high of 26/06/09)

Support:    $924.05 (low of 15/07/09)                                   Resistance: $946.60 (high of 01/07/09)

Support:    $917.25 (low of 14/07/09)                                   Resistance: $939.90 (yesterday’s high)