Pay attention, as the outlook has changed for the gold. The market estimates that the gold will trade at 2000 dollars per ounce, given the inflationary risks predicted for the US for next year. We can see this on the future contracts. Last week, a contract expiring on December 2009 was traded at 1500 dollars.
In the market, gold is trading at 1052.68 dollars per ounce. The first key target is 1070.75, historical high. Then it will advance to 1100 dollars per ounce (psychological resistance).
The price is consolidating with the 50-day MA, while the RSI is in a neutral zone. According to the MACD, the pair could give us buying signs in the next hour, while the Commodity Index Channel is on neutral ground.
The supports to watch out for are at 1045 and 1038 dollars per ounce.