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Spot Gold Price Analysis 3 Aug 2010

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The spot gold price continued to bounce higher in yesterday’s gold trading session although it failed to hold above the 14 day moving average, closing the gold trading session as a narrow spread up candle sandwiched between the 9 and 14 day moving average.  Whilst spot gold was helped marginally higher by a further decline in the US dollar the risk on appetite returned for investors with a move back into equities that took some of the gloss from yesterday’s upwards move for spot gold.  However, gold bulls can take heart from the fact that the spot gold price did manage to hold above the 9 day moving average and provided we see this rebound extend with a hold above the 14 day, and subsequently through the resistance and 40 day moving average at $1210 per ounce then this should confirm a further longer term move higher.  Longer term the outlook for gold still remains firmly bullish and any break above $1217 and beyond should signal a re-test of the June high at $1265.05.

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