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Gold Trading 24 June 2010

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Gold Trading Chart 24 June 2010

Spot gold prices once again gave us a mildly bullish signal in yesterday’s gold trading session ending the day with a narrow spread down candle and with a deep lower shadow to the underside.  This lower wick suggests bullish sentiment remains firmly in place following the recent bout of profit taking on Monday which saw spot gold break into new high ground only to close lower in the gold trading session.  Yesterday’s candle also found good support from the 9 day moving average once again adding weight to this bullish analysis.  With gold now trading back above all four moving averages we should expect to see further new highs established in the short term with a $1500 per ounce target by the end of the gold trading year.

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