Gold Technical Analysis – Bearish Outlook

Gold has had a good section today rising 117 points. Today’s rise has initiated a new short uptrend. It seems that investor have found a good reason to buy the commodity. New concern about the return of the Eurozone financial crisis has prompted today’s gold rush.

The new uptrend could not be strong enough to break beyond the long term bearish downtrend. But it offers some relief to the gold bullish investor and short term bullish traders.

It remains to be seen, if the current forming pattern will have enough support or if it will be surrounded by global economic woes, prompting gold prices to once again, aim for the 2000 dollar mark.

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