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Spot Gold 18 Nov 2010

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Following yesterday’s small hammer candle on the daily gold chart the spot gold price has recovered some of its poise today climbing back above the 40 day moving average to trade at time of writing at $1354.19 per ounce.  As such we are now trading back above the 40 day moving average, a key indictor and for any longer term recovery and a continuation of the bullish trend we need to see the precious metal move back above both the 9 and 14 day moving averages which are currently at $1374.46 and $1372.03 respectively.  A move above here will also coincide with a breach of the short term resistance in this price area and thereafter provide a strong platform for a move back towards $1400 per ounce and beyond.  As I stated in a previous post the recent correction in the spot gold price is not a longer term reversal but merely reflects the market’s nervousness following the problems in Europe coupled with a potential slowdown in China.

The world needs a new monetary system – but it is not gold!