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Spot Gold 29 Nov 2010

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Gold Chart 29 Nov 2010

Spot gold prices continued to consolidate during much of last week with Friday’s gold trading session ending on a mildly negative tone as traders closed positions ahead of the weekend.  However, despite ongoing worries this has failed to convert into a more positive tone for spot gold which is odd given the nervousness of the markets in general and as such we can only be guided by the technical picture.  Friday’s close held above both the 9 and 40 day averages and marginally below the 14 day moving average, and this price action has continued in today’s gold trading session as the price moves between $1350 to the downside and $1375 to the upside.  As we now begin to trade into the year end when thin markets will be the order of the day, expect to see further sideways consolidation punctuated with some erratic and volatile price moves as traders square away their end of year positions.  Moving forward into 2011 the longer term picture for the precious metal remains firmly bullish and provided we see a break and hold above the $1380 price handle then this should provide a solid platform once again, which coupled with all four moving averages, will help to propel spot gold back above $1400 per ounce once again.