Spot gold price daily chart

Spot gold prices continued to trade in a narrow range once again yesterday ending the gold trading session marginally lower and with some support coming from the shorter term moving averages.  As outlined in several previous gold market commentaries there are few conclusions that can be drawn from the current price action other than to wait for this period of sideways consolidation to end.  The signal for this will either be a breakout to the upside, above the $1150 per ounce price region or alternatively a breach of the downside support currently in the $1075 region and below.  Any move to the downside may find support from the 200 day moving average whilst a break to the upside will open the way for an attack on the previous high of $1220 per ounce of late December.

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