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Gold Trading Analysis 4 May 2010

Gold Chart 4 May 2010

Since my last post, almost three weeks ago, the spot gold price has continued to move ever higher and very much as expected following the long consolidation period and subsequent breakout in April.  The minor pullback of late April merely confirmed the strength of the renewed upwards trend with strong support coming both from the consolidation platform and also, more importantly, from the 40 day moving average.  The last two weeks have further confirmed the bullish momentum which is now self evident with a sustained run towards the psychological $1200 per ounce area which will, no doubt, be followed by a test of the high at $1225 in due course.  This upwards momentum is fully supported by the 9 day moving average and reflects both the technical strength in the daily gold chart coupled with a continuation of the gold buying season in Asia.  From a fundamental perspective the breakdown of the inverse relationship between the US and gold now seems complete as both appear to be heading into fresh high ground as the markets continue to fret about the extent and scope of sovereign debt.

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Gold News

World Gold Council confirms gold has strong start in first quarter of 2010