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Sunday, 8 April 2012

Gold price test

For those watching the price of gold, gold is approaching the long term upwards sloping trend line, shown below.  It is likely that Mainland China has a national policy to accumulate gold, as western interests sell.

Courtesy of OptionVue Systems
Weekly gold price bar chart, showing upwards trend since 2008

The test will be whether buying returns to support the gold price near the $1580 - $1610 level, or whether selling will dominate driving the price further down to lower levels, breaking the long term upwards trend.

Also see "China building gold reserves", and " 'The Chinese really love gold' - banks pushing citizens to buy".

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