Gold markets fell slightly on Friday as the market cooled a bit in the end. The $1,700 level is just below, and obviously supportive at this point in time. The area that the market has been trading in looks set to continue to be restrictive to overall movement, but the support should be taken into account as the recent surge has been so impressive. The sideways action looks more and more like a simple consolidation of gains and a pause before the next leg up than any real threat of falling. Because of this, we are buying still, and look at the recent action as the perfect opportunity. We will not sell at all.

Gold

Gold Forecast February 20, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1695.77
1706.28
1714.67
1725.18
1733.57
1744.08
1752.47

 Fibonacci
1706.28
1713.50
1717.96
1725.18
1732.40
1736.86
1744.08

 Camarilla
1717.85
1719.59
1721.32
1725.18
1724.78
1726.52
1728.25

 Woodie's
-
1705.75
1713.60
1724.65
1732.50
1743.55
-

 DeMark's
-
-
1729.38
1723.09
1710.48
-
-