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Spot Gold Chart 4 Oct 2010

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Spot gold prices continued higher once again on Friday ending the week on a positive tone and a wide spread up candle which touched an intra day high of $1319.75 per ounce on the daily chart, further extending the bullish rally.  Thursday’s doji candle failed to materialise into a minor pull back and can be largely discounted following Friday’s strong tend which continues to receive excellent support from all our moving averages.   The short term 9 and 14 day moving averages, in particular, are continuing to provide an excellent platform of support and this was further evidenced on Thursday with the low of the gold trading session touching the 9 day average before rebounding higher once again.  Below this the 200 day average is now sloping gently to the upside confirming once again the longer term bullish trend for spot gold as a result.  There is nothing on the daily or weekly gold chart to suggest at present that the currently established bull trend is likely to pause or reverse in the short term.

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