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Wednesday, August 4, 2010

Gold Pushes Through $1,200, Up for Sixth Straight Day

Gold prices today continue to slowly crawl back up, as it has been incrementally increasing in price for six days in a row, although did make a nice move today.

Spot gold surged to over $1,202.50 an ounce before fall back under $1,200. That tends to happen around 12:00 PM EDT as a pattern, so we'll see if it continues down or breaks back up in the latter half of the trading session.

The price of spot gold brings it to it highest level since July 23.

What seems to be important during the typically slow gold season of summer, is gold hasn't really pulled back that much, implying there is support and could be ready to surge over the last five months of the year, where most estimates are for it to reach about $1,300 an ounce.

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