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Spot Gold Price Analysis 5 Aug 2010

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Spot Gold Price Chart 5 Aug 2010

As with many other commodities today gold trading was confined to a very narrow range ahead of tomorrow’s non farm payroll release in the US.  The short term bounce higher in the spot gold price has continued to hold above both the 9 and 14 day moving averages today and, as outlined in yesterday’s market commentary, a break and hold above the 40 day moving average is the next logical step for this technical move higher.  Once this has been achieved expect gold to test the $1227.27 price area and any move through here should clear the way for a breakout into new high ground in due course.  The 200 day moving average continues to provide solid support and the longer term outlook for gold still remains firmly bullish.

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