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Gold Futures Market 20 Aug 2010

The September gold futures contract on Globex continued higher once again yesterday, initially breaking above the $1235 per ounce region before closing marginally lower, and ending the trading session with a relatively narrow spread up candle and a small wick to the upper body. The momentum for gold futures remains firmly bullish with both the 9 and 14 day moving averages moving sharply higher and with the 9 day in particular providing excellent support to the upwards trend.  As we begin to approach $1265 and beyond we may expect to see some profit taking before gold futures break out into new high ground as their long upwards trend continues and extends towards the end of the year.