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 Forecast January 25, 2012, Technical Analysis
Gold Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3