Gold Chart 2 June 2010

As global markets continue to wobble and stutter the price of spot gold continues its relentless rise back towards its all time high of $1249 per ounce.  The current swing upwards is also supported by all four moving averages and is given added impetus by a re-cross of the 9 and 14 day moving averages.  However, as we approach the new high for spot gold inevitably there will be a degree of profit taking which may cause a further pause at this price level but should the broader markets continue to push investors towards safer havens we expect gold to benefit as a result.  In addition a news item released earlier today that Iran was proposing to sell some of its euro holdings and buy dollars with the express purpose of buying gold should help to propel the price ever higher.   This, together with the delicate technical picture may result in some nervous trading.

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Gold Market News :

Relentless rise of the “barbarous relic”