Gold markets fell during the session on Monday, initially gapping down as traders shunned any form of risk at times during the day. However, as the session wore on, the markets bought gold again, and this area that the market has been trading in suddenly looks a lot like a candidate for consolidation. The $1,700 level should continue to be supportive, and the $1,750 level will certainly be resistive. The market has recently broken above a trend line, and looks bullish, so we are buying gold on dips as it looks set to run up to the $1,800 level. We will not sell until the daily chart closes below the $1,500 level - far below here.

Gold

Gold Forecast February 7, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1694.63
1703.22
1714.63
1723.22
1734.63
1743.22
1754.63

 Fibonacci
1703.22
1710.86
1715.58
1723.22
1730.86
1735.58
1743.22

 Camarilla
1720.55
1722.38
1724.22
1723.22
1727.88
1729.72
1731.55

 Woodie's
-
1703.93
1716.05
1723.93
1736.05
1743.93
-

 DeMark's
-
-
1728.93
1720.36
1708.93
-
-