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Spot Gold Prices
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Spot Gold Prices
Wed, Sep 9 2009, 12:40 GMT
by Anna Coulling
Another strong day for spot gold prices yesterday which surged higher once again and broke through the psychological $1000 level which arrived sooner than even I expected. Technically yesterday's candle has a degree of weakness signified by the deep upper wick and whilst this is someway short of a "shooting star" it does perhaps suggest that we are currently seeing the bulls taking some profits off the table whilst the market pauses before deciding to push higher once again. With all three moving averages pointing sharply higher and with the breakout from the recent pennant now firmly established, we should see a continuation of the strong upwards trend over the next few weeks. What is interesting, however, for spot gold prices is that they the recent rise is disproportionate to the corresponding US dollar weakness which although still bearish has certainly not collapsed as would be suggested by the recent rise in gold prices. My trading suggestion for today is to look for small long positions buying on any pullback and particularly once we see a breach and hold above the $1000 per ounce.
Support: 984.50 Resistance: 1010.60
Support: 964.70 Resistance: 982.78
Support: 944.80 Resistance: 963.25
Published on Wed, Sep 9 2009, 12:41 GMT
Archive
- Gold Trading
Published On Wed, Sep 16 2009, 07:32 GMT - Gold Price
Published On Tue, Sep 15 2009, 07:18 GMT - Spot Gold Prices
Published On Sun, Sep 13 2009, 12:21 GMT - Spot Gold Price Breakout
Published On Sun, Sep 13 2009, 11:13 GMT - Spot Gold Prices
Published On Wed, Sep 9 2009, 12:40 GMT
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