After reading the story below (and several others), I am almost 100% confident that for the rest of 2010, the gold price per oz in CDN $'s will have a floor of $1,200. The Commerzbank AG analyst is saying worst case (near-term) is $1,175.25 USD, which at $1.05 exchange today = $1,234 CDN.

So for the numerous hypothetical forecasts and estimates on here and stockigloo site, I wouldn't be using a penny less than $1,200 CDN for the gold price variable.

Aug 26, 2010

Gold may advance as high as $1,252.35 an ounce, as long as prices do not drop below the 55- day moving average for two consecutive days, according to a report from Commerzbank AG technical analyst Axel Rudolph.

The precious metal has rallied from a three-month low on July 28 as concern that the global economic recovery is slowing boosted investment demand. Spot gold closed at $1,240.05 an ounce yesterday, the highest price in eight weeks and 2 percent from the record $1,265.30 reached on June 21.

The 55-day moving average for spot gold was $1,212.08 today. If prices drop below that level, there is “minor support” at the July 23 high of $1,204.45 and at the Aug. 10 low of $1,190.45, Rudolph said in the Aug. 24 report.

While gold is “trading above the latter level we will remain short-term bullish,” the report said. “Unexpected failure here would probably kick start a slide back toward the early July $1,184.65 low and perhaps even the $1,175.25 July 20 trough,” it said.