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Spot Gold Prices Today – January 29th 2009

Spot Gold Prices Today - Daily Chart For Spot Gold January 29th 2009

With no major surprises from the Fed yesterday evening regarding interest rates, spot gold prices followed a relatively muted days trading, as did many of the other commodities. It seems that in a “safe haven” environment ,any perceived strength in the DOW could have a negative effect on gold prices due to potential asset switching. This was seen last night after equity markets held up well as a result of the FOMC stating that interest rates could remain low for the foreseeable future. Low interest rates should also act as a positive factor on the spot gold in the longer term, and after the last couple of days profit taking we may experience a further test of recent highs.

It will be interesting today to see whether support at the $880 level is breached, particularly as we have seen a classic reversal top in the last few days for gold prices, with the wide up bar, followed by the doji reversal candle and a “spinning top”, indicating weakeness in the move. For any down move to be sustained we will need to see penetration of the 9 and 14 day moving averages which at the moment are providing good support

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

Support:    $881.85 (yesterdays low)                                    Resistance: $916.10 (high of 26/01/09)

Support:    $874.24 (9 day moving average)                              Resistance: $907.60 (high of 27/01/09)

Support:    $866.40 (high of 20/01/09)                                  Resistance: $903.50 (yesterdays high)