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Gold Futures Still Positive 13 Sep 2010

The December gold futures contract failed to break the $1270 high of June and ended Friday’s gold trading session as a long leg doji candle, following Wednesday’s shooting star and subsequent down candle of Thursday.  Friday’s candle provides a positive signal for gold bulls, suggesting that the pullback in the latter half of last week is only a minor blip as evidenced by the doji candle, and indeed this is further confirmed by the 14 day moving average which provided a strong platform of support both on Thursday and also to Friday’s close.  This suggests that we should see gold futures continue their recent longer term rally and a break and hold above $1270 will clearly establish, and further confirm, the bullish picture for the precious metal.  Sentiment towards gold remains strong despite the risk on appetite from investors who are currently moving back into the short term equity rally currently in play across global markets.

Gold continues to shine