Gold markets pulled back on the Tuesday session as traders took profits and the stock markets sold off a bit. The move is measured and shallow, so those traders that are looking for gold to rise will hardly be concerned with this move. The $1,650 level should continue to offer support going forward, and we are willing to go long in the area when we see supportive candles.

We stated yesterday that the $1,650 level should be the gateway to $1,700 or so, but it could be a bit of a grind. This appears to still be the case, and as such - we are still long in this market. We are willing to add on minor dips, and will look for them on short-term charts. We are not willing to sell currently.

Gold

Gold Forecast January 25, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1647.2000
1654.2500
1661.5000
1668.5500
1675.8000
1682.8500
1690.1000

 Fibonacci
1654.2500
1659.7126
1663.0874
1668.5500
1674.0126
1677.3875
1682.8500

 Camarilla
1664.8175
1666.1283
1667.4392
1668.5500
1670.0608
1671.3717
1672.6825

 Woodie's
-
1654.3000
1661.6000
1668.6000
1675.9000
1682.9000
-

 DeMark's
-
-
1672.1750
-
1657.8750
-
-