Gold at $1,050 an ounce predicted

Ashraf Laidi maintains that gold is probably headed higher in the short run.

Gold's uptrend was bolstered by its ability to hold above the bottom of the 4-month channel of $880, its ability to limit periodic declines to no more than 10-11%, as well as holding above its 50-day MA. These technical criteria were first brought up on March 6. Having passed all these tests, I reiterate the near term target of $1,050.