Gold markets rose again on Tuesday as traders continue to buy the metal on signs of optimism in certain areas, and the fact that the fiat currencies around the world will be less trusted going forward. There is significant pressure on the EU to print Euros, and as long as that is a possibility, there will be a run to hard commodities such as gold.
The $1,650 level has been violated, and the market looks to close just above it. Because of this, it appears that the area is about to give way completely, and that the market is about to run to the $1,700 level. With this in mind, we are willing to buy at these levels. Selling isn't an option.
Gold Forecast January 18, 2012, Technical Analysis