Gold Continues Climbing

Many people predicted that Gold would reach 1000, perhaps fall even lower than that, and while that is still quite possible, so far it has failed to do so. It reached the support at 1046 and bounced off of it, then began climbing. Currently Gold is trading around 1116 after it broke the resistance at 1113, forming a new high above that level. The next resistance is at 1122, and should Gold manage to break above it we can expect a further move to the upside towards 1150. That said, should the rally continue the long-term target is likely around 1180 – 1200.