The precious metal is over the 1050 dollars per ounce key support, given the traders' biggest demand for gold as an alternative investment. It's being speculated that India's demand for gold (India is the largest gold buyer in the world) could decline in the next weeks.The new target is set at 2000 dollars per ounce by the end of 2009. Checking the pair's evolution, the price is consolidating with the 50-day MA, while the bands of Bollinger show low volatility.

The MACD could give buying signals in the next minutes.