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Gold Futures Market 1 Sep 2010

September gold futures continue to develop the bullish trend of the last few weeks with yesterday’s wide spread up candle pushing ever closer to a break out into new high ground for the precious metal.  This morning’s open on Globex hinted at a possible attempt later in the gold trading session but this was promptly snuffed out later in the morning with gold having touched a high of $1255 per ounce to currently trade the September contract at $1243.60.  Nevertheless, despite this minor pullback in the gold market today the bullish trend remains firmly established with the 9 day moving average in particular providing strong and consistent support to the upwards move, followed closely by the 14 day moving average.  It is only a matter of time before we see gold futures break out into a new record high for the precious metal which should almost certainly arrive within the next week or so, provided there is no technical correction on the daily chart.