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Gold futures break above $1300 per ounce

Gold futures surged through the $1300 per ounce yesterday on the Globex platform, as the December gold futures contract closed as a wide spread up candle on the daily chart with a deep lower wick, and just below the $1310 per ounce price level at 1309.04. Yesterday’s trading candle on the daily gold chart is particularly interesting, as it once again confirms that the strong bullish trend for the precious metal remains firmly established, with the low of the day finding strong support from the 14 day moving average below. This duly provided a strong platform of support at the $1281.17 level, before the contract rebounded sharply higher to finally breach the $1300 per ounce level.

The positive sentiment for gold has continued in the early trading session this morning, with gold futures rising once again to trade at $1310.60 at the time of writing. The strong bullish trend is fully supported by all three moving averages, with both the 9 day and the 14 day in particular providing excellent support as we now look to the futures contract to break into new high ground as we continue moving higher in the longer term.