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Spot Gold Chart 29 June 2010

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Spot gold prices peered over the parapet of new high ground but suffered an attack of vertigo and pulled back as a result closing the gold trading session lower with the low of the day finding good support from the 14 day moving average which is encouraging signal for gold bulls.  The only worrying aspect of yesterday’s gold price action was that the high of the day failed at $1262.38, fractionally below the previous high of last week which was $1265.05 where spot gold prices had stalled previously.  Given the above analysis we must now wait for a break and hold above this temporary resistance area and provided we clear $1270 and beyond then expect the gold market to push strongly higher as a result, fully supported by all four moving averages as it continues into new high ground.

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