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Spot Gold Price Analysis 30 July 2010

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Spot Gold Price 30 July 2010

Following the tweezer bottom candle pattern of Tuesday and Wednesday which saw spot gold prices bounce back from $1157.15, Thursday’s price action ended with a narrow spread up candle thereby validating this earlier signal.  This has been further confirmed in this morning’s London gold trading session which has seen spot gold trade at $1171.70 per ounce as the commodity begins to close in on the underside of the 9 day moving average.  Any short term bullish move will need to break above all three short term moving averages now above and any clearance at the $1217.75 should confirm a clear picture and re-establishment once again of the longer term bull trend.  As always the high of June at $1265.05 remains the objective and once breached should see the commodity back firmly in its upwards travels.

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