Gold Prices forecast for the week of December 3, 2012, Technical

The gold markets had a negative week over the last five sessions as the $1760 level offered resistance. However, the $1700 level looks very supportive, and should continue to propel prices higher. We see the real barrier $1800, and if we can get above that it looks like there’s no reason whatsoever for us to think that $1900 can’t be had.

Within this chart, it has been in an uptrend for a very long time, and this has simply been a sideways move. We think that eventually we will breakout to the upside, as it is with the overall trend. Also, it should be noted that the last pullback was much shallower than the other ones were hitting the bottom of the larger consolidation zone down at the $1550 level. With this in mind, we are buyers on supportive action.