Gold markets rose during the Thursday session as traders stepped in to take advantage of the overreaction from the previous week or so. The fundamentals of the gold market haven't changed, so the move was more than likely overdone. The 100 day EMA is in the area and this could be support - or resistance, as it has been both at times. We see the next hurdle to be in the area of $1,725 or so, and we will buy on a daily close above that level. Selling isn't possible at all currently, as this market has been in a strong uptrend for over ten years.

Gold

Gold Forecast March 9, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1672.67
1680.88
1690.47
1698.68
1708.27
1716.48
1726.07

 Fibonacci
1680.88
1687.68
1691.88
1698.68
1705.48
1709.68
1716.48

 Camarilla
1695.16
1696.79
1698.42
1698.68
1701.68
1703.31
1704.94

 Woodie's
-
1681.23
1691.15
1699.03
1708.95
1716.83
-

 DeMark's
-
-
1712.38
1700.74
1694.58
-
-