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Gold Trading Analysis 15 March 2010

The daily gold chart continues to remain mildly bearish as the current short term price action remains biased to the downside.  Friday’s narrow spread down candle added to this short term bearish view with the high of the day running into resistance from the 9 and 14 day moving averages now immediately above.  Longer term the outlook is for further sideways consolidation in the current trending channel between $1150 to the upside and $1060 to the downside.  Only a break above or below these price levels will indicate a move away from the current range, and in the short term this is very much a swing trading scenario with the short side currently in the ascendancy.

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