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Gold Futures – Soaring Higher Once Again 5 Oct 2010

The cosmic twins of gold and silver reached dizzyingly new heights today with gold surging higher and moving through the $1340 per ounce level to trade at time of writing at $1341.40 per ounce.  As such this represents a gain of $24.60 on the day, a huge increase by any standard and propelling the commodity towards our target of $1450 per ounce which we had assumed would be achieved in Q2 next year but at this rate is likely to arrive a lot sooner!!  The upwards rally for commodities in general, and gold in particular, shows no sign of pausing at present and with the 9 and 14 day moving averages providing ever strong support to this bull trend there is little evidence of technical pullback at present.  However, much like silver futures, we will no doubt see speculative profit taking at some point, possibly even following today’s sharp rise, so a minor pullback should be expected in due course.  However, the longer term trend still remains firmly bullish.