Market Analysis » 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 Spot Gold Price – January 12th 2009

anna — Mon, 12 Jan 2009 11:34:14 +0000

On Friday daily spot gold prices closed slightly lower in a choppy session with the market making big swings in both directions. Initially the price of gold was modestly higher, but the December non-farm payrolls data showed that job losses nearly matched the consensus forecast which boosted the US dollar and in turn put pressure on gold. Later on despite a stronger US currency, the spot gold price regained a big part of the early losses in a short covering rally, as traders exited positions ahead of the weekend. The short and long term trends are bullish while medium term trend is bearish.

Support: $844.00 (Friday low) Resistance: $885.17 (high of 05/01/09)

Support: $836.10 (low of 08/01/09) Resistance: $870.50 (high of 06/01/09)

Support: $828.70 (low of 23/12/08) Resistance: $868.50 (Friday high)

Spot Gold Prices Daily – January 9th 2009

anna — Fri, 09 Jan 2009 10:11:07 +0000

Spot gold prices closed higher yesterday on the back of a weaker US dollar, with the daily gold chart showing an ‘Inside Day’ as traders were waiting for the US employment report. Concerns about the state of the global economy, and continuing geopolitical tensions in the Middle East seem to provide a good support for the price of gold lately. Today’s US payroll number will definitely capture everybody’s attention because if it’s stronger than expected it could cause a rise in the dollar which in turn can hurt gold but if it’s weaker than the forecast it could pressure on the currency and boost gold. Remember the news is released at 1.30 UK time so please make sure your positions are covered. The short and long term trends are bullish while medium term trend is bearish.

Support: $836.10 (yesterday low) Resistance: $885.17 (high of 05/01/09)

Support: $828.70 (low of 23/12/08) Resistance: $870.50 (high of 06/01/09)

Support: $819.90 (low of 15/12/08) Resistance: $864.60 (yesterday hi

Daily Gold Prices – January 7th 2009

anna — Wed, 07 Jan 2009 12:55:39 +0000

Initially daily gold prices declined yesterday hitting their weakest level since Dec 24th, but later on, as the US dollar gave up some of its early strength, the price of gold reversed course managing to close higher for the day. The late rally had the greenback as the main influencing factor with some additional boost coming from continuing tensions between Israel and Hamas leading to more buying of gold as a safe haven. Going forward it’s worth mentioning that the European Central Bank is under pressure to follow the Fed and other central banks in cutting rates more aggressively which could undermine the euro and in turn gold buyers entering the market. The short and long term trends are bullish while medium term trend is bearish.

Support: $838.55 (yesterday low) Resistance: $900.00 (psychological level)

Support: $828.70 (low of 23/12/08) Resistance: $885.17 (high of 05/01/09)

Support: $819.90 (low of 15/12/08) Resistance: $870.50 (yesterday high)

Daily Gold Prices Fall – 6th January 2009

anna — Tue, 06 Jan 2009 10:20:30 +0000

Daily gold prices closed sharply lower yesterday crossing below the 9 and 14 day moving averages. The downward move came in reaction to the currency market with the euro hitting a three week low against the US dollar on perceptions that the European Central Bank is behind the curve in lowering interest rates. Gold is often bought as a hedge against the greenback weakness so conversely sold during times of dollar strength.

The short and long term trends are bullish while medium term trend is bearish.

Support: $843.45 (yesterday low) Resistance: $908.77 (high of 22/09/08)

Support: $838.00 (low of 25/12/08) Resistance: $900.00 (psychological level)

Support: $819.90 (low of 15/12/08) Resistance: $885.17 (yesterday high)