The gold markets had a fairly quiet session on Friday as the markets took a breather after the most recent fall. The $1,650 level still looks to be supportive, and there is still a case to be made for buying gold. The central banks are net buyers, and one certainly cannot rule out the extra liquidity having an effect on the markets as well. Because of this, we are looking to buy this market. The top of the hammer formed for the Friday session will serve as our trigger point. A break of the highs will have us long again. If not, we are willing to wait until we see bullish action.
Gold Forecast March 19, 2012, Technical Analysis
Gold Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3