The gold markets had a fairly quiet day on Monday, which is something that the bulls will want to see after the recent selloff. The market seems to be consolidating just above the $1,650 level, and this looks promising to us. Because of this, we are waiting for that sharp move up in order to get long of this market. Until then, we simply are going to wait as the overall trend is still bullish. In fact, we think the uptrend is still intact until we get a daily close below the $1,500 level.

Gold

Gold Forecast March 20, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1630.60
1641.15
1648.80
1659.35
1667.00
1677.55
1685.20

 Fibonacci
1641.15
1648.10
1652.40
1659.35
1666.30
1670.60
1677.55

 Camarilla
1651.44
1653.11
1654.78
1659.35
1658.12
1659.79
1661.46

 Woodie's
-
1640.43
1647.35
1658.63
1665.55
1676.83
-

 DeMark's
-
-
1663.18
1657.44
1644.98
-
-