Spot gold prices continued to recover well once again yesterday making it the third update in a row in a week, and breaking above the $1200 per ounce level once again.  More importantly the price of gold also held above both the 9 and 14 day moving averages establishing the precious metal back above all four indicators once again as we begin to approach the previous top of early May.  The rally from the recent short term bearish pullback was signalled following the bounce off the 40 day moving average which has proved to be a consistent support area for gold prices over the last few months.  As a result I expect gold to continue its longer term bullish trend and as outlined above the first target is to breach the recent newly established top at $1248 per ounce.  Should this achieved in due course, which we fully expect, then gold prices should continue to rally further and whilst some are forecasting $3000 per ounce my own more modest long term forecast is around the $2000 per price point.

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