Gold Chart 25 May 2010

Spot gold prices continue to claw their way back as they edge towards the $1200 per ounce price point once again, although we must be mindful of the fact that the 9 day average is crossing below the 14 day average giving us an interim bear cross signal.  Whilst I expect the spot gold price to recover fully from their recent short term pullback for longer term trading I would advocate a wait and see approach until we are back above all four moving averages once again.  At this point we should see a further attack on the $1249 per ounce price handle of early May and should this be breached, as expected, then gold prices should continue higher in the longer term.

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