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Gold Trading Spot Gold Price 1 Sep 2010

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Spot Gold Weekly Chart 1 Sep 2010

Spot gold prices continue to perform strongly once again this week and should we end in positive territory once again then this will make it five successive weeks of gains for the spot gold price.  All of this came as a result of the hammer candle of 6 weeks ago which as indicated at the time, gave us a very strong bullish signal which was further validated by the break above both the 9 and 14 week moving averages over the last couple of weeks.  The key question for gold traders is not if, but when, the spot gold price breaches the all time high of $1265 per ounce and given the recent rate of acceleration this may be sooner than anticipated, and even as early as this week, given that the gold market is moving into one of its busier periods.  Once clear of this price level expect spot gold prices to push on towards our medium to longer term target of $1500 per ounce by the middle part of next year.

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