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Gold Futures Market 25 Aug 2010

Gold futures traded in a strongly positive tone yesterday pushing back above the 9 day moving average, a price pattern which has continued in early trading today with the commodity currently sitting at $1237.10 at time of writing. ¬†Yesterday’s candle on the daily chart ended with a deep lower wick which found strong support from the 14 day moving average, further confirmation of the bullish picture for gold futures. This positive sentiment has carried forward in gold futures trading this morning with gold futures ticking higher once again to trade at $1237.10 at time of writing, up five dollars from the morning session. ¬†With both the 9 and 14 day moving averages providing strong support we now await the inevitable test of the all time high at $1265 per ounce.