Gold lovers’ hearts beat faster last week, as the metal rose above $1,300 an ounce for the first time since November. The precious metal also climbed above its 200-day moving average, which hasn’t happened in about a year.
ISI’s John Mendelson noted that the generic gold future “rallied off its mid-December low and has decisively broken out above its downtrend line connecting the descending tops from late August, a near-term positive.” The next price he’s targeting is $1,350, the price gold was at in late October.
But while gold may correct over the next several months as the metal enters its seasonally weak period of the year, the forecast looks promising for gold investors.
Check out a few more gold charts that just might have your heart beating faster on goldseek.com