Gold markets fell during the Monday session but managed a bounce in the later hours. The market has recently broken out of a strong downtrend line, and the candle that formed on Monday looks to be a hammer above that former resistance. The market has been healthy for quite some time, and we suspect that it will continue to be. The $1,750 level will be resistive, but it looks like we are going to make a serious attempt at it now. A break above $1,750 is a good buy signal. There simply are no sell signals.

Gold

Gold Forecast January 31, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1697.87
1706.88
1723.17
1732.18
1748.47
1757.48
1773.77

 Fibonacci
1706.88
1716.55
1722.52
1732.18
1741.85
1747.82
1757.48

 Camarilla
1732.49
1734.81
1737.13
1732.18
1741.77
1744.09
1746.41

 Woodie's
-
1708.70
1726.80
1734.00
1752.10
1759.30
-

 DeMark's
-
-
1752.98
1734.44
1727.68
-
-