Gold markets rose again on Wednesday, but still haven't broken above the crucial $1,750 level. It is at this point that we feel new longs can be initiated. The market is grinding higher, and shows that it wants to fight to get above the level, but until we get a daily close above it, the risk of a pullback still exists. The pullbacks can be bought as well, provided there are signs of support such as hammers, green candles, etc.

We cannot sell gold at this point, even if we do see the resistance at this current level. The market is simply far too bullish currently, and the area is only a minor one from our vantage point. With this in mind, we are buying a daily close above $1,750 or any pullbacks that show supportive action.

Gold

Gold Forecast February 2, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1721.13
1727.92
1738.53
1745.32
1755.93
1762.72
1773.33

 Fibonacci
1727.92
1734.56
1738.67
1745.32
1751.96
1756.07
1762.72

 Camarilla
1744.37
1745.96
1747.56
1745.32
1750.75
1752.34
1753.94

 Woodie's
-
1728.88
1740.45
1746.28
1757.85
1763.68
-

 DeMark's
-
-
1759.33
1747.01
1741.93
-
-