spot gold price

Gold Trading Chart 12 July 2010

The spot gold price recovered some its composure on Friday as the gold market closed higher ending the day as a wide spread up candle and breaking above the $1200 price point once again.  Friday’s price action followed three days of downside testing with the week finishing fractionally below the 9 day moving average as a result.  The longer term outlook for gold still remains heavily bullish whilst the recent short term pullback has simply been a minor correction before we see the precious metal take another run at its all time high of $1265.05 which should be breached in due course once we break above all four moving averages.  With the earnings season in US equities about to start and key Chinese economic data due for release this week both these factors could set the tone for the commodity market moving forward.

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Hedge funds turn to gold