The pair continues its fantastic rally, started on the October 4th, due to the dollar's weakness. The reasons for this trend can be traced to the secret meetings that Russia, China, Japan and France are allegedly having to debate the future of the dollar as a reference currency.
The pair could retrace to the 23.60% of Fibonacci, marked from 1048.67 to 983.76. Both the one hour RSI and the MACD are indicating the pair is around the overbought area.
Traders estimate that the new target for 2010 are the 2000 dollars per ounce of gold.