The gold markets fell in the US afternoon on Tuesday as the Federal Reserve released a note that claimed inflation was nowhere to be found. This of course hurts the inflation trade when it comes to gold, but in the end - this will only be a slight setback for the market as there are plenty of central banks pumping liquidity into the markets.

The $1,650 level below still looks supportive, and we are looking to see if there is a supportive reaction at that level in which to buy this market. The next couple of days should see us forming a bit of a base in the area, and it is after this that we are looking to buy. We are not selling gold until we break and close below $1,500 as it is our line in the sand.

Gold

Gold Forecast March 14, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1612.03
1637.22
1653.43
1678.62
1694.83
1720.02
1736.23

 Fibonacci
1637.22
1653.03
1662.80
1678.62
1694.43
1704.20
1720.02

 Camarilla
1658.27
1662.06
1665.86
1678.62
1673.44
1677.24
1681.04

 Woodie's
-
1634.98
1648.95
1676.38
1690.35
1717.78
-

 DeMark's
-
-
1686.73
1674.56
1645.33
-
-