Market Analysis » daily gold price

Spot Gold Prices – January 13th 2009

anna — Tue, 13 Jan 2009 11:32:40 +0000

The price of gold closed sharply lower yesterday breaking below the 40 day moving average as the US dollar strength and a continuing weakness in daily crude oil prices proved difficult to be ignored by the market participants. Recently, gold has attracted buying interest following the clash between inflation and recession but now the yellow metal looks pressured by fund liquidation. Traditionally seen as a hedge against a falling US currency, gold is likely to remain under pressure in the short term if the greenback moves higher. This trend has continued this morning with daily gold prices moving to $816.55 as I write. The short term trend is sideways, the medium term trend is bearish while the long term trend is bullish.

Support: $814.65 (yesterday low) Resistance: $864.60 (high of 08/01/09)

Support: $807.05 (low of 12/12/08) Resistance: $856.65 (yesterday high)

Support: $800.00 (psychological level) Resistance: $836.10 (low of 08/01

Daily Gold Prices – 5th January 2009

anna — Mon, 05 Jan 2009 11:26:07 +0000

On Friday, as the US dollar moved slightly higher against the euro, gold prices declined with the chart indicating the 9 day moving average a good support level. In a session that looked like a continuation of the last trading day of 2008 where interest was very limited, the participants seemed more focused on profit taking rather than opening new positions. Another factor possibly influencing the slide was a rally in the stock market despite some bearish economic data which if it gains momentum could prompt a switch from gold to equities. The short and long term trends are bullish while medium term trend is bearish.

Support: $855.25 (low of 31/12/08) Resistance: $908.77 (high of 22/09/08)

Support: $847.85 (low of 18/12/08) Resistance: $900.00 (psychological level)

Support: $842.10 (low of 26/12/08) Resistance: $886.90 (Friday high)

Daily Gold Prices – Year End 2008

anna — Fri, 02 Jan 2009 09:30:04 +0000

The gold spot price closed lower yesterday as some investors decided that it’s safer to take part of the profits before year-end, a move somewhat expected and already mentioned in previous posts on daily gold prices. Speculation about a possible cease-fire between Israel and Hamas seemed to add extra pressure with gold slipping further in the early morning session, but it’s worth remembering the consensus that zero interest rates in the industrialized world places gold in a very favourable position as a long term investment. The short and long term trends are bullish while medium term trend is bearish.

Support: $863.50 (yesterday low) Resistance: $900.00 (psychological level)

Support: $847.85 (low of 18/12/08) Resistance: $890.80 (high of 29/12/08)

Support: $842.10 (low of 26/12/08) Resistance: $881.52 (yesterday high)

Retracement In Gold Prices Today

anna — Tue, 30 Dec 2008 10:08:00 +0000

Flight to quality buying seems to be behind gold prices closing higher yesterday, building on the previous day’s gains and reaching $890, a level last seen on 10th Oct this year. As Israel decided to hit Hamas targets in the Gaza Strip investors remembered that yellow metal is often bought as a hedge against political uncertainty. This morning the price of gold looks set for a slight retrace, as the US dollar comes off recent lows with extra pressure coming from some year-end profit taking. The short and long term trends are bullish while medium term trend is bearish.

Support: $866.80 (yesterday low) Resistance: $922.00 (high of 08/10//08)

Support: $847.85 (low of 18/12/08) Resistance: $907.75 (high of 30/09/08)

Support: $842.10 (low of 26/12/08) Resistance: $890.80 (yesterday high)

Gold Prices – December 29th 2008

anna — Mon, 29 Dec 2008 11:01:46 +0000

On Friday gold gained in excess of $23.00 with the price of gold closing above the 9 day moving average. The move was influenced by a slightly weaker US dollar and a modest increase in the stock market although in line with expectations trading volume was probably one of the lightest. A late session increase in daily crude oil prices also helped the yellow metal which investors expect to trade in a thin market for the rest of the year and take its direction from the US currency. The short and long term trends are bullish while medium term trend is bearish.

Support: $847.85 (low of 18/12/08) Resistance: $922.00 (high of 08/10//08)

Support: $842.10 (low of 26/12/08) Resistance: $907.75 (high of 30/09/08)

Support: $834.20 (low of 24/11/08) Resistance: $900.00 (psychological level)