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Gold Trading Analysis 23 Aug 2010

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Spot Gold Price Chart 23 Aug 2010

Spot gold suffered a minor pullback on Friday ending the gold trading session as narrow spread down candle which closed at $1227.50 per ounce on the week.  The recent upwards trend continues to look very well defined with Friday’s price action finding good support from the 9 day moving average immediately below which again suggests that the trend looks set to continue for the longer term.  With the 9 and 14 day moving averages now firmly established above the 40 day moving average the gold market is now waiting for a break of $1262.38 and thereafter $1265.05 which would take the precious metal into new high ground as a result.

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