Short Term Gold Outlook
by David Tanner
I really hate to post short-term technical predictions, but I do make and exception when it comes to Rick Ackerman. I only PAY to follow two technical gold analysts, and Rick is one of them. Here is what Rick had to say this morning to his paid subscribers.

GCZ10 – December Gold (Last:1345.30)
by Rick Ackerman on October 11, 2010 12:01 am GMT

Gold’s snap-back rally was not quite a cavalry charge, but it should have discouraged the bad guys from thinking they can spook investors as easily as they did in the good old days, a few months ago. The bears have steady buying to contend with now from Russia, Brazil, India and China — and from a thousand other places where Bernanke’s pronouncements are not taken at, to put it charitably, face value. From a technical standpoint, the picture is not very complex. Using the Monthly chart (see inset), we find two serviceable targets at, respectively, 1400.80 and 1569.10. Buyers handled the midpoint resistance points associated with these targets with such ease as to affirm the likelihood the targets will indeed be reached. Our minimum upside target for the near term remains 1381.70.

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