gold $2000 /oz in 2009, page-42

Analysis:
Gold finished the week on a positive note, advancing for a second consecutive session.

The precious metal put on US$14.90 (+1.6%), settling at US$942.70 per ounce. Gold is up 6.6% so far this year.

To the week ahead, gold could see another week of advances with investors seeking alternative investments to stocks, bonds, and the US dollar.

Likely Price Action:
We still favour the long side on gold, with prices beginning to trade back above the key moving averages and beginnging to slope upwards again.

A logical upward target for the medium-term on gold is back towards the previous high around US$1000.

Looking higher, the key level hurdle for gold will be US$953.30.



If this level acts as resistance, we could well see prices to retreat back to US$925 and then US$900.

Should prices break back below the US$900 level we would void any ideas of going long and look at possible short positions.