Home » Spot Gold Price - Daily News » Spot Gold Prices – Gold Price Chart Latest Prices 29th June 2009

Spot Gold Prices – Gold Price Chart Latest Prices 29th June 2009

Spot Gold Price Chart - Daily Gold Prices 29th June 2009

The sideways drift in spot gold prices is primarily the result of a fall in the demand for physical gold although spot gold prices did receive a small boost on Friday following further comments from the PBOC (People’s Bank of China) once again questioning the status of the US Dollar as the world’s reserve currency and suggesting that gold could be a better alternative.   Spot gold eventually ended the day $1.05 down to settle at $938.05 per ounce as traders squared their positions ahead of the weekend.   From a technical perspective Friday’s candle failed to follow through on the bullish tone of earlier in the week and whilst momentum was positive in the morning session, the bears took control later in the day with the candle closing as a bearish hammer pattern with a deep upper wick.   With all three moving averages bunching together in a relatively tight trading range it is difficult to draw any meaningful conclusions from these technical indicators, and the only point of note is that the close of the day found some support from the 14 day moving average which has now crossed below the 9 day once again.  With a such a bearish signal on the daily gold chart we may well see a short term reversal in the price of spot gold as Friday’s failed attempt to break the $945 resistance would suggest a move lower in the next day or so.

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

Support:    $935.80 (Friday’s low)                                      Resistance: $961.87 (high of 11/06/09)

Support:    $929.25 (low of 25/06/09)                             Resistance: $958.20 (high of 12/06/09)

Support:    $912.70 (low of 23/06/09)                             Resistance: $948.22 (Friday’s high)