Gold markets were slow to move on Thursday as the markets in general seemed to be very quiet. The area that the markets sit in presently is part of a gap, and this gap has now been filled. The real question is whether or not the market can overcome it. While we truly believe it can, the doji for the session suggests that perhaps a pullback is coming. With that in mind, we are willing to buy as the market dips. The breaking of the top of the candle for Thursday would signal more bullishness, but the breaking of the downside will only have us waiting for some kind of supportive candle. We only buy dips - we don't sell at all.
Gold Forecast January 20, 2012, Technical Analysis
Gold Pivot Points (Time Frame: 1 Day)
Name S1 S2 S3 Pivot R1 R2 R3