GOLD — Where are we heading?

Gold – 1200 USD barrier broken.

Gold is a challenge lately to predict. If you are a daily investor then you would want to channel your investments to a short or mid term trend.  The conservative investor will want to look at the longer charts.   Here is a daily chart on gold:

We can see the metal is appearing on a bearish path from June of this year.  The bollinger bands are bearish and the moving average supports this trend. That would likely be accurate for the long term.   Let’s look at the short to mid-term on the hourly chart:

This chart indicates the opposite — we can see that the precious metal is recovering position and pushing to a  tshort/mid term bullish path started on the 14th of November.  Since then it has recovered from 1141 to now above 1200 barrier.  We can see support at 1190 range and a resistance at 1210 range.  Investors looking to potentially profit take in the daily trade could plan on the gold position likely continuing today.  We could see movement to as high as 1230.   That would be a 1-2% profit in the short term.   However, investors should be on the lookout for quick shifts in the position in the minute and 15 -minute charts.