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Gold Trading Analysis 10 May 2010

Gold Chart 10 May 2010

Spot gold prices continued to push higher on Friday following the bullish momentum of Thursday’s wide spread up candle ending the trading session with a narrow spread and shadows to both top and bottom.  During the course of gold trading on Friday we once again breached the $1200 per ounce price level, a psychological price point as we now push on towards the previous high at $1225 per ounce which should be achieved in due course.  With excellent support from all of our short term moving averages the outlook looks promising for a continuation of this current bullish rally and a breakout into new high ground in the medium term.  Any short term pullback should be seen as a buying opportunity provided the low of the trading session does not breach the 9 day moving average.

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