Spot Gold Price - Daily Candle Chart 16th February 2009

Spot Gold Price - Daily Candle Chart 16th February 2009

Spot gold closed lower on Friday as investors took profits off the table ahead of the long weekend in the US with the markets closed on Monday in the US for Presidents Day. The move came a day after gold prices reached their highest level in more than six months. Increasingly more investors are turning to gold amid uncertainty about the global banking system, lack of confidence in government efforts to deal with the current crisis and equities markets which seem unable to find a bottom. As a consequence many traders believe that the upward trend in gold remains intact. I would suggest you stay out of the markets today which are likely to be thin due to the public holidays in both the US and Canada, but with all the moving averages pointing higher the bull trend is still intact.

The short term trend for spot gold prices is sideways while the medium and long term trends are bullish.

Support:    $931.90 (Friday’s low)                                      Resistance: $953.00 (high of 12/02/09)

Support:    $921.47 (9 day moving average)                               Resistance: $947.42 (high of 11/02/09)

Support:    $914.87 (14 day moving average)                              Resistance: $944.02 (Friday’s high)