The gold markets had a very quiet session on Wednesday as the market continues to hover above the $1,640 support level. The market has fallen quite far, and those of us that believe in the long term strength of this market are glad to see this recent sideways action. The longer this market sits quietly, the better the market looks for buyers. We are still waiting to see a bullish candle from this level in which to buy. We are not selling at this point as the market is still in a major uptrend over the last eleven years.

Gold

Gold Forecast March 22, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1627.70
1636.85
1643.10
1652.25
1658.50
1667.65
1673.90

 Fibonacci
1636.85
1642.73
1646.37
1652.25
1658.13
1661.77
1667.65

 Camarilla
1645.12
1646.53
1647.94
1652.25
1650.76
1652.17
1653.59

 Woodie's
-
1636.13
1641.65
1651.53
1657.05
1666.93
-

 DeMark's
-
-
1655.38
1650.69
1639.98
-
-