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Thursday, December 29, 2011

gold prices technical predictions 2012

gold prices technical predictions 2012 ; Gold is often regarded as a safe haven during uncertain times in the markets. With uncertainty dominating the global markets, the price of gold benefited from higher prices. The commodity surged higher and even caught the interest of non-active traders who became interested in precious metals.

This has historically been a clear sign of market bubbles when herd mentality takes over and trading becomes 100% emotional. Many feel that gold may be in a bubble but at present the longer term trend has remained bullish. Ending the 2011 session, gold prices still remain in positive territory compared to the start of the year and the month of December has left a clue of where gold may be heading in early 2012.

If we see the Stock Market turn bearish then gold traders will probably enjoy further upside in 2012. However the hurdles for gold are at $1730 - $1785 respectively. Once these barriers have been surpassed then the much anticipated $2000 per ounce may become a target for traders.

The current chart pattern has seen a two-step move lower. On a daily timeframe this looks bearish. Lower highs and lower lows are a classic bearish sign. On the intermediate term timeframe gold will need to sustain a firm hold above $1580 otherwise the trend for gold could finally turn around. Since 2002 this commodity has risen from $300 per ounce and many have tried to call a top and failed. Once gold has decided it has ended its long term bullish trend there will be a clear chart pattern in place.

At present we are only seeing a “potential” top with a lower high, but gold will need to see a lower low and another lower high to “confirm” the major change in trend. For the latest updates on the stock market, visit Stock Market Today

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