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Friday, February 24, 2012

gold prices forecast feb 27 - march 2 2012

gold prices forecast feb 27 - march 2 2012 : Higher gold prices are possible next week as tensions with Iran continue to escalate, Prices were lower on Friday, but up on the week. The most-active April gold contract on the Comex division of the New York Mercantile Exchange settled at $1,776.40 an ounce, up 2.9% on the week. March silver settled at $35.338 an ounce, up 6.4% on the week.

In the Kitco News Gold Survey, out of 32 participants, 24 responded this week. Of those 24 participants, 19 see prices up, while three see prices down, and two are neutral on prices. Market participants include bullion dealers, investment banks, futures traders, money managers and technical chart analysts.

Looking at technical charts, gold futures contract April is showing a wide “reverse head-and-shoulders” pattern on daily technical charts could be a bullish sign. He points to the Dec. 2 high of $1,769.70 for the left shoulder, the Dec. 29 low of $1,526.20 for the head and the Feb. 3 high of $1,765.90 as the right shoulder.

“I’m really not on board with the rally unless we close above the $1,808-$1,810 area. If that happens, we can be on a path to challenge the highs around $1,925,” Preston said, noting that the $1,808-$1,810 area represents a zone of resistance for gold.

Support is around $1,750. “If we pull back and hold that level, it will confirm that the market wants to run higher, A close under $1,740 would have him reconsider the recent strength in gold,

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