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Spot Gold Prices Today – January 28th 2009

Spot gold prices held up well yesterday in the wake of further profit taking rallying to close around the $900 level. With an “inside day” created on the chart it may be a little early to speak of a pennant formation, however a break of yesterdays highs will technically point to a challenge, firstly of the $916 and then the mid $920’s. The pole of the pennant formation is very long and adversely a break of yesterdays low could quickly result in a drop to $850. With U.S. interest rate decision released this evening there could be further volatility if any surprises are sprung.

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

Support:    $891.95 (yesterdays low)                                    Resistance: $926.05 (high of 29/09/08)

Support:    $886.90 (high of 02/01/09)                                  Resistance: $916.10 (high of 26/01/09)

Support:    $882.50 (high of 17/12/08)                                  Resistance: $907.60 (yesterdays high)