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Spot Gold Prices – Gold Price Chart 29th May 2009

Spot gold prices finished sharply higher yesterday aided and abetted by US dollar weakness, deep concerns about the US bond market and technical factors on the gold chart.  The move higher saw spot gold prices gain $13.30 to settle at $959.80 per ounce in a market which was also characterized by thinner volumes as a result of a national holiday in Hong Kong, China and Taiwan.  From a technical perspective as outlined in yesterday’s market commentary for gold the 9 day moving average has provided the springboard for the move higher with yesterday’s candle closing on a wide spread up bar and, more importantly, holding above the $955 price point which now provides good support for any short term retracement in spot gold prices.  This momentum has continued in early trading this morning, and we are now in sight of the psychological $1000 per ounce price target which should be achieved sooner rather than later.  The only caveat for trading today is that with the weekend ahead many gold traders will be squaring their open positions, and we may see a pullback from this morning’s highs later in the trading session as traders take their profits off the table.

The short, medium and long term trends are bullish.

Support:    $944.00 (yesterday’s low)                                   Resistance: $974.22 (high of 17/02/09)

Support:    $935.55 (low of 21/05/09)                                   Resistance: $967.00 (high of 20/03/09)

Support:    $929.60 (low of 06/03/09)                                   Resistance: $964.95 (yesterday’s high)