Feb 2011 - Gold Price Forecast
Gold Futures closed today at US$ 1385.80 per ounce and set its annual high of 1432.50 on Dec 07, 2010.
Gold Futures are trading well above its 200 days moving average of 1303.873 and 50 days moving average of 1362.402. Jan 28, 2011 Gold Futures failed to touch its support level of 200 days EMA and marked a low on that day at $ 1309.099 and on the same day it rallied up to $ 40.00.
Many investors are eagarly waiting for Gold to touch its 200 days EMA and jumped into buy gold. On Jan 4th, it failed to touch its double top and set an high for that day at 1417.80.
Hence Gold Futures are trading in a range bound between its support level of 200 days EMA and double top resistance level at 1432.50 and looking for a future direction.
With the anticipation of rally in US dollar index, Gold Futures eventually has to break its 200 days EMA and will trugger a panic and technical selling.
Currently it is NOT safe to buy safe heaven.
Gold Price Technical Indicators
200 days EMA - 1303.873
50 days EMA - 1362.402
21 days EMA - 1359.660
10 days EMA - 1352.579