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Spot Gold Analysis 2 Aug 2010

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A positive day for the spot gold price on Friday which closed the gold trading week as a wide spread up candle, recovering most of the losses of the previous 4 days.  The gold market closed on Friday marginally above the 9 day moving average suggesting a degree of bullish sentiment once again but for this to be confirmed we need to see a clearance of the $1217.70 price level coupled with a break and hold above the 40 day moving average.  It is interesting to note that in last week’s gold trading session the 200 day moving average remained untested suggesting that the recent decline in gold is now complete and provided Friday’s momentum is carried through this week we should expect to see the $1200 per ounce region breached once again followed by $1217 and beyond in due course.

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