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Spot Gold Price Chart 22 July 2010

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The spot gold price continues to slide lower, although with little conviction in the last few days, as the gold market attempts to stabalise around the $1180 per ounce price point.  Yesterday’s attempt to rally was met with resistance from both the 9 and 14 day moving averages which once again confirmed the short term bearish sentiment evident for the precious metal at present.  For the longer term bull trend to be re-established we need to see a clear break and hold above $1220 per ounce which will clear all three moving averages as well as the current price congestion immediately in this region.  This should then provide a solid platform for gold to re-test the highs of June at $1265.05 per ounce and to continue its longer term trend higher.

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Summer doldrums for metals