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Spot Gold Prices – Daily Gold Chart 15th July 2009

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Wednesday, July 15th, 2009

Spot Gold Prices - Current Gold Chart 15th July 2009

Yesterday’s trading in spot gold was characterized by a symbiotic relationship between the fundamental news and the technical picture on the gold chart. A combination of higher than expected PPI data in the US, raising inflationary expectations, coupled with gold prices clinging to the $900 per ounce price handle all helped to lift the price of gold. From a technical perspective the session ended with a relatively wide spread up bar which broke through the 9 day moving average and closed marginally below the 14 day where spot gold prices found some resistance. Overall gold prices gained a total of $5.63 to settle at $924.60 per ounce. The $905 price level seems to have provided a platform for a short term rally and indeed in this morning’s early trading spot gold has broken above the 14 day moving average as a follow through to yesterday’s bullish tone. However, we need to be cautious in any trades to the long side as the recent reversal of lower highs and lower lows is still in place, and for any confirmed move higher we will need to see a definitive break and hold above the $940 price level, with all three moving averages providing good support. Should this occur then we may well see a further rally higher with the next target being a break and hold above the strong resistance created in early June at the $955-$960 price level.

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

Support: $917.25 (yesterday’s low) Resistance: $935.00 (high of 22/06/09)

Support: $912.70 (low of 23/06/09) Resistance: $932.10 (high of 07/07/09)

Support: $907.45 (low of 13/07/09) Resistance: $927.70 (yesterday’s high)

Gold Spot Price – Gold Price Daily Chart 13th July 2009

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Monday, July 13th, 2009

Spot Gold Chart - Current Spot Gold Prices 13th July 2009

Although the pendulum is still swinging between the inflationists and deflationists recent data has suggested that the global economy may be facing more of a danger from the latter and this is impacting the price of spot gold which on Friday finished $1.05 down to settle at $912.15 per ounce. The fall in gold prices was also aided and abetted by a strengthening of the US Dollar. However, perhaps much more important is that this week sees the start of the US earning season when every quarter US giants such as Microsoft and Apply release their latest figures which can result in huge swings and volatility across all markets as fear once again stalks the financial world. In addition there was a rumour in the US that a second massive stimulus package would be required to further prop up and stabilize the fragile economy. From a technical perspective Friday’s candle provided us with little in the way of a significant pattern, other than the price of gold seemed to find some support during the trading session closing the day marginally lower but with a deep lower wick. With all three moving averages weighing heavily at present the tone remains extremely bearish, and the only positive that we can take from the gold chart for the last three days is that the low of each day has found some support in the $905 price region. Spot gold prices remain firmly entrenched deep in the consolidation area of the past few months and a break and hold above $950 per ounce or below $870 per ounce could prove a defining position.

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

Support: $906.65 (Friday’s low) Resistance: $932.10 (high of 07/07/09)

Support: $895.30 (low of 06/05/09) Resistance: $925.65 (high of 08/07/09)

Support: $889.45 (low of 23/04/09) Resistance: $915.30 (Friday’s high)

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Spot Gold Prices – Daily Gold Chart 10th July 2009

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Friday, July 10th, 2009

Spot Gold Price Chart - Latest Gold Prices 10th July 2009

Yesterday’s modest rebound in the price of spot gold was not entirely unexpected given the extent of Wednesday’s sell off. However, despite some support from a weaker US dollar it was the continuing fall in crude oil prices which appeared to hamper any serious rally in the price of gold. Overall spot gold gained $5.95 to settle at $913.60 per ounce on the gold chart. From a technical perspective yesterday’s candle closed the session with a deep upper wick relative to the body of the candle, suggesting that yesterday’s rally was somewhat muted and that the gold bears are still firmly in control. With the 9 day average now crossing below the 14 day and with all three now turning lower the bearish picture is reinforced by these technical indicators. Today is not a day for trading in gold, partly due to the conclusion of the G8 meeting in Italy, and partly due to the weekend ahead with traders squaring positions and with relatively little news on the economic calendar, as everyone is off to enjoy their summer holidays. The key support level for the current downwards trend is just below the $900 price handle, and should this capitulate then a deeper move may ensue, possibly as far as a retest of the $865 per ounce price level, last seen back on the 20th April 2009. Next week I propose to consider both the weekly and monthly charts in order to look at the longer term view for spot gold prices. In the meantime have a great weekend.

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

Support: $905.60 (yesterday’s low) Resistance: $932.10 (high of 07/07/09)

Support: $895.30 (low of 06/05/09) Resistance: $925.65 (high of 08/07/09)

Support: $889.45 (low of 23/04/09) Resistance: $918.70 (yesterday’s high)

Spot Gold Prices – Gold Price Chart 9th July 2009

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Thursday, July 9th, 2009

Spot Gold Price Chart - Current Gold Prices 9th July 2009

Yesterday’s price action on the gold chart was extraordinary for spot gold prices which managed to lose $15.42 to close just above the $900.00 per ounce price point on a day when markets were essentially drifting owing to a lack of any hard news and with no appreciable strengthening of the US Dollar. The current market torpor is partly attributed to the lack of Chinese involvement in the G8 summit, which has removed the US Dollar discussion from the agenda where it was originally thought to be a high priority. It is therefore somewhat surprising to see such a significant move in the price of spot gold. From a technical perspective yesterday’s candle merely confirmed the bearish picture outlined in yesterday’s market commentary where Tuesday’s candle found the 9 and 14 day moving averages an impenetrable barrier, and therefore yesterday’s wide spread down bar came as no great surprise although the depth of the move was unusual. The close of the day finished deep into the strong support area between $900 and $920 and with such a congested price zone it will now take some considerable momentum for the price of gold to break higher. With all three moving averages now turning lower and with the congestion now significant trading opportunities should be biased to the short side with any reversal higher seen as an entry opportunity to trade. My suggestion is therefore to look for entry positions in the hourly chart and any stop loss should be set wide and certainly above the previous resistance at the $940 price point, or higher.

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

Support: $904.70 (yesterday’s low) Resistance: $941.10 (high of 02/07/09)

Support: $895.30 (low of 06/05/09) Resistance: $932.10 (high of 07/07/09)

Support: $889.45 (low of 23/04/09) Resistance: $925.65 (yesterday’s high)

Spot Gold Prices – Gold Price Chart 8th July 2009

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Wednesday, July 8th, 2009

Gold Spot Prices - Daily Gold Chart 8th July 2009

With any discussion concerning the reserve of the US Dollar now off the agenda at this week’s G8, as China’s Hu Jintao has had to return home to deal with the civil unrest in Xinjiang, the Dollar managed to gain a little traction, limiting the fall in spot gold prices to $2.95 and settling at $922.95. From a technical perspective yesterday’s candle was indicative of a choppy trading session ending the day as a down bar but with a deep upper shadow. The most significant aspect of yesterday’s bar was the high of the day which as for Monday found strong resistance from both the 9 and 14 day moving averages, and with the 9 day now once again re-crossing the 14 this is adding to the bearish picture. As gold prices fall once again in early trading this morning, the key to any reversal higher will be whether technically the price of gold is able to find support initially around the $910 per ounce area, followed by that at $900 per ounce but if both these fail we could see a much deeper move to re-test spot gold prices at the $865 per ounce. It is interesting to note that the speed of decline in gold prices is relatively slow when compared with spot silver, which is often the case in a bearish market.

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

Support: $920.95 (yesterday’s low) Resistance: $958.20 (high of 12/06/09)

Support: $917.85 (low of 22/06/09) Resistance: $941.10 (high of 02/07/09)

Support: $912.70 (low of 23/06/09) Resistance: $932.10 (yesterday’s high)

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Archive for contango gold

Spot Gold Prices – Daily Gold Chart 15th July 2009

Gold Spot Price – Gold Price Daily Chart 13th July 2009

Spot Gold Prices – Daily Gold Chart 10th July 2009

Spot Gold Prices – Gold Price Chart 9th July 2009

Spot Gold Prices – Gold Price Chart 8th July 2009

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