Gold markets rose during the session as the support area in the $1,700 area continued to hold the markets up. The gold market continues to get a bid as the central banks around the world flood the markets with liquidity. The $1,750 level above will be resistive, and could continue to force the market to consolidate in this $50 block. With this in mind, we can only go with the overall trend, and that is up. We are buying dips, and fully expect the market to finally breakout to the upside, although we may have a bit of a cooling period in the mean time, as the massive move up at the start of the year would warrant one.
Gold Forecast February 21, 2012, Technical Analysis
Gold Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3