Gold Trading Chart 17 June 2010

Gold prices continue to ease higher holding steadily above all four moving averages, and despite yesterday’s narrow gold trading range the low of the day found strong support from the 9 day moving average.  It is interesting to note that we are now in the process of creating a strong pennant formation with the point of the pennant forming in the $1240 per ounce region so we can expect to see a volatile breakout once this pattern has completed and this will almost certainly come to the upside.  Any break higher will propel spot gold prices into new high ground and with a solid platform of support should open the way for a longer term bullish run towards $1500 per ounce and beyond by the end of this year.

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Gold Market News :

Vietnam’s “gold habit” causing major trade deficit