Gold price forecast 2013, gold technical analysis for the non professional investors as well as for professional technical analysts

Click on the chart to enlarge.
This is a Gold price chart of SPDR Gold Shares (GLD) which almost follows Gold price in USD.
Multiply its price by 100 to get price in USD oer ounce. Chart courtesy: yahoo finance.
Gold has been in an uptrend for 3 years (late 2008 to around sep 2011).
It roughly followed the blue trendline.
The more times the price bounces from the trendline, the more important it is. Hence the blue trendline is the most important and the second most important being the
red trendline. Whenever it touched the orange trendline, it could not cross above it the last case being the all time high in aug-sep 2011.
since the time it has crossed below the green trendline, it has been in a sideways movement. It is thus advisable to buy gold for medium term gains only when it crosses and remains for at least 3 months above the black trendline which in actual price corresponds to about $1750.
If the red trendline is broken, the price can see a fall of 10% or more. But this appears unlikely as the global economy in any part of the world is not attaining a sustained growth phase.And the wealthy individuals, organizations as well as countried keep a fixed percentage of their wealth in Gold and silver.
For analysis according to different currencies: http://www.youtube.com/watch?v=FVsrPDC2La8
For short term predictions for silver and gold, contact me.
Copyright: M K Munir , technical analyst .
Contact for advice at mkhalid77@gmail.com
http://drkhalid.blogspot.com

Comments

Great post Dr Khalid! and thank you for sharing on gpluss group about Gold https://plus.google.com/u/0/communities/100378015979959745893