Last week December 2012 Gold opened the week at $1,673.20 per ounce and closed the week at $1,687.60. On Friday we saw a nice range in gold, with it hitting its weekly high on Friday at $1,695.50 and its weekly low on Friday at 1647.10. The H/L value for the week was $4,840.
On the daily chart you can see the Modified ADX is now at 39.70 reflecting a strong trending market. MACD is bullish adding divergence up away from the signal line and moving further away from the zero on the histogram. Stochastics are overbought, but I am not concerned about that with Modified ADX numbers near 40. Of course many are now saying Bernanke’s comments on Friday will help Gold retest $2,000.
Gold prices will not rise unless we see an increase in buying and selling. And guess what?
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