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Bullish tone for gold futures set to continue

december gold futures daily chart

December Gold Futures – daily chart

The December gold futures contract closed the session at $1734.90 per ounce, reversing yesterday’s small pullback having just failed to breach the $1740 per ounce in the trading session. For the second day in succession we have now seen an “inside day” on the daily gold chart with gold prices trading within the magenta widespread bar of Friday which saw gold futures surge higher in much the same way as of the previous week.

This has now become a feature of the current bullish momentum with the price of gold moving sharply higher before pausing and then continuing its upwards journey. Since the breakout of late August, gold futures have looked increasingly bullish and with the recent weakness in the US Dollar this has given the precious metal further impetus and, in the next weeks, we can expect to see gold breach the $1800 per ounce price point. A price level last seen in late February this year.

As we can see on the gold chart the Hawkeye heatmap remains firmly bullish and with the 3 day trend also firmly green and strong buying volume in both timeframes the outlook remains hugely positive.Indeed, on Thursday this week commodities and gold, in particular, are likely to receive a further boost with FED Chairman Bernanke expected to fire the starting gun for a further round of quantitative easing. This should weaken the US dollar still further, as a result.

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