Gold markets rose during the Tuesday session as the hammer from the Monday session brought in many more technical buyers. The market is obviously in an uptrend, so buying is really the only longer-term positions you will be able to take. The $1,750 level has held as support, and the $1,800 level is just above. However, it looks as if it is only a matter of time before that level gives way to the bulls. We are willing to buy on a close above the $1,800 level, which would be adding to our already healthy long positions. We cannot think of a scenario to sell gold at the moment.

Gold

Gold Forecast February 29, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1769.97
1771.48
1773.77
1775.28
1777.57
1779.08
1781.37

 Fibonacci
1771.48
1772.93
1773.83
1775.28
1776.73
1777.63
1779.08

 Camarilla
1775.01
1775.35
1775.70
1775.28
1776.40
1776.75
1777.10

 Woodie's
-
1771.68
1774.15
1775.48
1777.95
1779.28
-

 DeMark's
-
-
1778.33
1775.66
1774.53
-
-