The gold markets fell during the Monday session as the markets were all quiet in general. The gold market is currently looking as if it is trying to form a bit of a base above the $1,650 level, and as such we like it on the long side. Besides, the trend for the last ten years has been decidedly bullish, and there isn't a reason to think that the driving factors are going to change. Everywhere you look, central banks are easing in one form or another.
We are buying a break of the highs from the Monday's session, which is $1,720 or so. The area above could be a bit choppy as there is a cluster of orders there from a couple of weeks ago, but the trend is clear, and as such we can only follow it.
Gold Forecast March 13, 2012, Technical Analysis
Gold Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3