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Spot Gold Analysis 18 Oct 2010

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Spot Gold 18 Oct 2010

Spot gold prices paused for breath on Friday staging a modest pullback from the high of $1385.10 and ending as a narrow spread down candle with small wicks to both top and bottom.  Friday’s high just failed to breach the all time for high of $1386.82 achieved on Thursday.  This mildly bearish mood on the spot gold chart has carried over into this morning’s early gold trading session, following the rally for the US dollar, but so far spot gold has rallied from the morning low of $1353 per ounce to trade at time of writing at $1366.62.  As such, this is now increasingly resembling a short term reversal as the gold market takes a breather from its longer term trend and traders bank profits on a relatively quiet day for fundamental news.  It is interesting to note from a technical perspective that today’s low found strong support from the 9 day moving average immediately below, confirming once again that the bullish trend remains firmly in place for the commodity.  The longer term weekly chart merely mirrors this analysis and there are no technical signals to suggest that the spot gold price is likely to reverse in any significant way in the near future.

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