Home » Spot Gold Price - Daily News » Spot Gold Prices – Gold Price Chart 11th August 2009

Spot Gold Prices – Gold Price Chart 11th August 2009

Spot Gold Prices - Daily Gold Price 11th August 2009

Spot gold prices continued to fall yesterday and ended the gold trading session on a wide spread down bar which crossed both the 9 and 14 day moving averages, the move no doubt accelerated by the stops triggered at the $950 per ounce price handle.  The decline was also boosted by a moderate firming of the US Dollar.  Overall spot gold prices fell $9.52 on the day to close at $944.28 per ounce.  From a technical perspective it is the lack of volume which is contributing to the current volatility and price swings thereby making gold trading extremely tricky.  The wide spread down bar created during yesterday’s gold trading session reinforced once again the almost perfect long legged doji of Thursday last week which was the first indication that all was not well with the gold chart and has since been followed by 2 strong down days.  With the close of yesterday now below both the moving averages outlined above, but perhaps more importantly the strong support level now breached in the $950 price band, this does not augur for gold bulls in the short term.  The depth of this reversal now seems set to continue for a while longer and the next technical level is the support region in the $938 per ounce level.  If this is breached then we will almost certainly pierce the 40 day moving average which will add its weight to any further move down.  With the FOMC meeting starting today and scheduled for completion tomorrow all the markets are in a state of limbo waiting for some clues as to their possible future direction and, in particular, the FED’s view of the economy and hence interest rates which could provide a spark for gold and the US Dollar.

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

Support:    $942.05 (yesterday’s low)                                      Resistance: $971.75 (high of 06/08/09)
Support:    $936.37 (low of 20/07/09)                                   Resistance: $965.45 (high of 07/08/09)
Support:    $931.65 (low of 31/07/09)                                    Resistance: $956.90 (yesterday’s high)