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Gold Trading Analysis 24 Aug 2010

spot gold

Gold Chart 24 Aug 2010

An interesting day for spot gold prices which initially probed to the downside, testing below the 14 day moving average, only for the precious metal to recover smartly later in the gold trading session, moving strongly back above all four moving averages to trade $1231.20 at time of writing.  Today’s bounce back has confirmed once again that the bullish trend for spot gold remains firmly in place with yesterday’s narrow spread down candle further reinforcing this analysis, having found support from the 9 day moving average.  The deep lower wick to the candle formed in today’s gold trading session gives us a strong trading signal with the likelihood of a sharp rise in spot gold prices over the next few days and, as a result, we can expect to see the metal push well above $1240 per ounce and through the resistance area now immediately above ultimately to reach and break out into new high ground above the $1265 price handle.

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