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Gold Futures Comex Update 21 Sep 2010

December gold futures on Comex continued to extend the bullish rally once again yesterday, ending the trading session as a narrow spread up candle with a small wick to both top and bottom and closing above $1280 per ounce once again. ¬†This bullish sentiment has continued in this morning’s gold trading session although perhaps a little muted as the markets in general, and commodities in particular, await the outcome of the FOMC rate statement today and interest rate decision in the US. ¬†From a technical perspective the outlook remains firmly bullish with all three short term moving averages pointing sharply higher and with plenty of clear water below this morning’s current price of $1281.9, and the current 9 day average at $1266.50, there is plenty of scope for a minor pullback before the resumption of this present upwards move.