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Spot Gold Prices – February 2nd 2009

Spot Gold Prices - Daily Candle Chart 2nd February 2009

With a very strong close to last week’s activity the spot gold price chart is looking very bullish. We are seeing levels slightly off from Friday’s high this morning, which is more likely to be  just profit taking, and is certainly not detrimental to the strong technical picture. Gold is still seen as a ‘safe-haven’ during this time of economic uncertainty and I would expect any corrections in this rally to be seen as buying opportunities. The moving averages are all bullish and we are now in a strong bull trend with higher highs and higher lowers providing an excellent channel.

The short, medium and long term trends are all bullish.

Support:    $916.10 (high of 26/01/09)                                   Resistance: $935.20 (high of 25/07/08)

Support:    $900.80 (Friday’s low)                                       Resistance: $931.50 (high of 10/10/08)

Support:    $894.70 (9 day moving average)                               Resistance: $929.45 (Fridays high)