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Gold Spot Price 25 Oct 2010

The slide in the spot gold price appears to have come to an end this morning as normal service has once again been resumed following the conclusion of the G20 meeting at the weekend in Korea.  The net result is that further dollar weakness is expected in the short to medium term and as a result we are likely to see a recovery for commodities, including gold, as the metals recover lost ground following last week’s surprise announcement from the Chinese.  Friday’s small hammer candle suggested a temporary pause point in the slide which has been confirmed in this morning’s early gold trading with the spot gold price opening gapped up at $1332.60 to trade at time of writing at $1339.63, having touched an intra day high of $1349.00.  The key for this week will be a break and hold above the 9 and 14 day moving averages which currently reside at $1351.55 and $1349.60 respectively, and once above these two, we can expect a return to test the all time high of $1386.82 in due course.  The 40 day average was untested in last week’s retracement and, as such, continues to provide and excellent platform of support to the longer term trend, as does the 200 day.

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