The gold markets fell slightly for the Friday session, but had a fairly quiet range. If you saw our videos over the last couple of days, you know that we are looking for a set up to go long again in this market. With the recent plunge down to the $1,700 level, we are expecting to see support in the region.
With the second quiet day in a row, we are willing to start looking for a buy signal at this point in time. We think that the $1,725 level could be the catalyst for this pair to go much higher. The level represents the highs from both Thursday and Friday, and as a result would signal increased momentum to the upside. It is on the break that we will buy. We are not looking to sell at all now, and will remain patient as to going forward with our long positions.
Gold Forecast March 5, 2012, Technical Analysis
Gold Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3