By: Daryl Guppy
CNBC Contributor
CNBC Contributor
The debate over where gold prices are headed has been a active one, with the bulls maintaining that fears of a slowing global economy will keep demand for the safe-haven investment strong; while the bears argue that the current price of gold, which has limited industrial use, is unsustainable in the long term.
From a chartist perspective, we're looking expecting a bullish scenario in the long term, but not without some selling pressure in the short term.
The daily comex gold chart shows three significant patterns. The first pattern is the parabolic trend seen from October to December in 2009. The rapid rises were unsustainable, and the move to the right of the parabolic trend line led to a sudden and severe collapse, causing the price to lose 13% very quickly. (more)
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