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Gold Futures Market 2 Sep 2010

The bullish trend for gold futures continues apace and even yesterday’s minor hiccup has failed to dent the rally with the December gold futures contract continuing its recent momentum to trade at $1253.3 per ounce at the time of writing.  This upwards trend is firmly supported by both the 9 and 14 day moving averages on the daily chart with the 40 day average now curving higher to add its own weight to the move.  The high of $1270 seen in mid June now awaits and the only possible cloud on the horizon for gold futures may be the apparent risk on appetite of global investors which has seen a rise across equity markets in the first two days of the trading month.  However, the traditional inverse relationship between gold and equities appears to be disconnected at present and should this remain the case for the remainder of the month, then we should see new highs for gold across both futures and spot markets.