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Friday, June 08, 2012 1:23:44 PM
- Olympus Futures
Friday June 08, 2012 11:44 AM
If Comex August gold prices can close over $1,580 an ounce, Charles Nedoss, senior market strategist at Olympus Futures, says gold prices might trend higher next week. Nedoss says the 20-day moving average lies around that region, specifically at $1,580.50, based on technical-chart analysis. Next week the market will look again at Europe, with the Greek elections a major influence. Although the market did not receive much of a boost from a Chinese rate cut this week, Nedoss says that's ultimately supportive for prices and he sees the Chinese continuing to take efforts to boost their economy. As of 11:33 a.m. EDT, Comex August gold was trading at $1,584.80, down $3.20 for the day.
By Debbie Carlson of Kitco News; dcarlson@kitco.com
http://www.kitco.com/reports/kitcoNewsMarketNuggets20120608.html
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