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Gold futures – bullish trend continues to $1300 per ounce

Gold futures continued higher once again yesterday, with the  bullish trend continuing to extend further, as we approach the $1300 per ounce level for the precious metal, with the December futures contract closing at 1293.20 on the daily chart. The positive sentiment for gold has once again continued in overnight and early trading this morning, touching a low of 1290.60, before recovering during the London session to trade at 1299.50 at the time of writing. The move higher is fully supported by all three moving averages, with the 9 day in particular now pointing sharply higher offering excellent short term support to any minor pullback in the rally, with the longer term picture remaining firmly bullish for the commodity.

The fundamental picture is also working in tandem with the technical outlook, as demand for a safe haven status coupled with the FED’s policy of further quantitative easing in due course, both help to underpin the current positive outlook. With a breakout now imminent, we can look forward to a further period of new record highs for the commodity as we continue towards our target in Q1 next year of $1500 per ounce.