gold back to us$ 1000 and beyond, page-22

A Chartists view on Gold




Spot gold is testing short-term support at $930 on the hourly chart. Respect of support, indicated by recovery above $960, would indicate that the (October to February) up-trend is intact, while breakout below $900 would warn of a down-swing to test primary support at $700. The long term target for breakout above $1000 is $1200, based on the large recent (12-month) descending broadening wedge: 900 + ( 1000 - 700 ).