AI
Friday November 23, 2012 2:10 PM
http://www.kitco.com/reports/KitcoNews20121123JW_technical.html
If you are a gold market bull, and especially if you are a longer-term "buy and hold" investor, then the monthly continuation bar chart on nearby Comex gold futures is just what you want to be seeing. Gold prices have been in an accelerating uptrend for 11 years, since the 2001 low of $255 an ounce, basis nearby Comex futures. If you are a trader or investor, "the trend is your friend." The longer-term price trend in gold remains up, and there are no significant technical clues to suggest the uptrend will end any time soon. Thus, the path of least resistance for gold prices in the coming months will likely remain sideways to higher. I would not be surprised to see nearby gold futures prices push above $2,000.00 an ounce in 2013.
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