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Spot Gold Chart 20 July 2010

spot gold price

The spot gold price once again probed lower yesterday further confirming the short term bearish sentiment currently evident in the gold market.  Curiously gold continues to move lower as does the dollar, suggesting that their recent inverse correlation is no longer valid.  With the 9 and 14 day moving averages now crossing below the 40 day moving average the short term outlook remains bearish and may even re-test support in the $1157.15 area and shortly thereafter the 200 day moving average which is currently sitting at the $1150 per ounce region.  Longer term, of course, the outlook for spot gold still remains firmly  bullish with the upwards trend firmly established but for intra day trading at present the gold market is currently skewed to the bear side.

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