Momentum at low levels and positive but weakened a bit in the last day. So there may be a few days of consolidation. Price in Descending Channel and it will be breakout if price reach to 2050 with volume. I don't expect a 70% retest of the 2005 level. Then gold will go towards the short-term target of 2130.
- Formed Patterns : Descending Channel
- Price Target in Long Term : $3000
- Support Level 1 : 2020.51-2024.11
- Support Level 2 : 2003.58-2010.52
- Macroeconomic Situation :* Due to the American debt crisis and interest rates will soon fall; individual investors, companies and central banks continue to buy gold/silver.
* The crisis in the Middle East will push the Gold/Silver even higher.
* Due to many issue of US Dollar, I expect DXY will fall which is good for Gold/Silver.