Gold over $2,000 in 2012? If so, when?

Market Pulse: Jan 23, 2012

February 2012 gold closed Friday, Jan. 13 at $1,630.80 and this past Friday, Jan. 20 gold closed at $1,664.

On the daily chart you see ADX now at 29.8, which shows developing strength to trend. DI+ crossed up over DI- Jan. 5 along with MACD crossing up over the signal line the same day. MACD shows solid divergence reflecting momentum to the price action and looks to crossing up over the zero on the histogram today. Stochastics starting correcting from oversold territory Jan. 3 and 4 and are now in deep overbought territory. As long as ADX numbers rise, I am not concerned with this.

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