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Gold Trading Analysis 16 Aug 2010

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The spot gold price continued to move higher on Friday ending as a narrow spread up candle well above all four moving averages and re establishing the bullish reversal which has continued in this morning’s early trading.  This upwards trend is given further weight by the 9 day moving average which is now crossing above the 40 day moving average and giving us an excellent bull cross signal as a result.  With both the 9 and 14 day moving averages pointing sharply higher and with the spot gold price now trading above the 40 day moving average the medium term outlook remains firmly bullish, as indeed does the long term, and the only question that remains is at what point will we see a re-test of the $1265.05 high of mid June.  Once this has been breached then the bull trend will be firmly established once again with a move towards $1500 per ounce by the end of the year or the early part of 2011.

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