Gold Rate

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Gold Price Chart 29 Oct 2010

The gold spot price ended yesterday’s gold trading session as a wide spread up candle which gave us a bullish engulfing signal as we reversed Wednesday’s losses to close back above the 9 day moving average once again and ending at $1343.55.  As such, yesterday’s surge higher in the gold spot price confirmed that the recent re-tracement for the precious metal has now come to an end and indeed in this morning’s gold trading session, the metal is higher once again at $1345.85 at time of writing and looking to break above the 14 day moving average which currently sits at $1348.27.  In the last two weeks the 40 day moving average has remained unbroken, confirming that the sentiment for gold remains firmly bullish and in the short term we now need to see the 9 day average cross back above the 14 to complete the positive technical picture for the gold spot price.  Should this occur over the next few trading sessions then expect to see the gold spot price re-test the high of mid October at $1386.82 and any break and hold here will open the way for the precious metal to move towards our medium term target of $1450 per ounce in due course.  The 200 day average continues to incline upwards confirming this longer term bullish picture.

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