Gold market rose during the Thursday session as the $1,700 level did in fact offer a bit of support. The fall on Wednesday was well overdone, and as a result this bounce isn't a surprise. The candle is a decent one, and we are looking to buy this market. The main thing we want to see is a calming down of the contract, and this session was a good start. We prefer to see a couple quiet sessions in a row, and we will look at the close on Friday to give us an idea of whether or not Monday will be interested in buying yet. We aren't interested in selling at all presently.

Gold

Gold Forecast March 2, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1678.73
1690.22
1702.43
1713.92
1726.13
1737.62
1749.83

 Fibonacci
1690.22
1699.27
1704.86
1713.92
1722.97
1728.56
1737.62

 Camarilla
1708.13
1710.31
1712.48
1713.92
1716.82
1719.00
1721.17

 Woodie's
-
1690.40
1702.80
1714.10
1726.50
1737.80
-

 DeMark's
-
-
1720.03
1710.86
1696.33
-
-