The gold markets fell hard again during the session on Tuesday as the stops at the $1,700 level were triggered. The market hasn't been stable enough to reenter since the big selloff last week, and if you have listened to these videos you know that our signal was a break above the hammer from Monday. Since we didn't get that signal, waiting becomes our strategy.

The gold market likes to respect every $50 on the chart, so it is there that we look for our next move to happen. We simply need some kind of supportive action at one of these places in order to buy. As we have said before - we cannot sell until we are well below the $1500 level. In the meantime, we wait.

Gold

Gold Forecast March 7, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1617.20
1639.85
1656.10
1678.75
1695.00
1717.65
1733.90

 Fibonacci
1639.85
1654.71
1663.89
1678.75
1693.61
1702.79
1717.65

 Camarilla
1661.65
1665.22
1668.78
1678.75
1675.92
1679.48
1683.05

 Woodie's
-
1638.25
1652.90
1677.15
1691.80
1716.05
-

 DeMark's
-
-
1686.88
1674.69
1647.98
-
-