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Gold Trading Analysis 23 Feb 2010

Gold Trading Analysis 23 Feb 2010

The gold spot price once again struggled to break above the $1125 per ounce price region, ending the gold trading session lower with a relatively wide spread down candle.  The technical issue on the daily gold chart remains the deep potential resistance now lying ahead in the $1125 to $1130 per ounce region, and with four consecutive failed attempts at this level the spot gold price remains delicately balanced as it struggles to move higher. Meantime the underlying picture for the longer term still remains relatively bullish provided gold prices manage to hold above all four of our moving averages and the 9 day moving average continues to provide support to the move higher.  However, should this picture change as a result of the recent failed attempts to break higher then we could see a further period of sideways consolidation with gold retrenching once again.

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