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Spot Gold Price Analysis 28 July 2010

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Spot Gold Price 28 July 2010

The short term bearish sentiment for spot gold continued yesterday which ended the gold trading session with a wide spread down candle which closed at $1163.15 per ounce, and pushing towards the 200 day moving average which now sits below at $1150 per ounce.  Both the 9 and 14 day moving averages are now adding further pressure to this short term move lower with the 9 day in particular weighing heavily on the commodity.  However, we are now approaching an area of price congestion which may well provide the platform of support necessary to prevent a further decline in the spot gold price and a reversal in due course.  This technical area also combines with the 200 day moving average and provided this hold then we should see a recovery in gold prices and the longer term bull trend re-established once again.  In the short term, however, the outlook remains bearish.

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Lost in correlation fatigue