I refer to my posts of September 22, 2009 and November 11, 2009: At that time gold price had made a break out above $1000. My target was $1200-1300 at the time.
Today gold trades at $1208 and has gone up in parallel with the dollar index. Current fear in the financial markets about sovereign debt crisis in some European countries acts as a catalyst to boost gold price.
Above is the weekly chart of the SPDR Gold Trust ETF (GLD): this tracker acts as a proxy to the price of the gold bullion.
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