The gold markets had another fairly quiet week as the traders took a bit of a break. The recent action has been a grinding just above the former downtrend line, and this suggests that perhaps the market is trying to build a bit of a base up before the next leg higher. The next move will be sharp, as is normally the case after this kind of tightening. The braking of the $1,750 level on a daily or weekly close can both be used to buy this market. Selling isn't a thought until we hit sub-$1,500 levels.

Gold

Gold Forecast for the Week of February 20, 2012, Technical Analysis

Gold Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1695.77
1706.28
1714.67
1725.18
1733.57
1744.08
1752.47

 Fibonacci
1706.28
1713.50
1717.96
1725.18
1732.40
1736.86
1744.08

 Camarilla
1717.85
1719.59
1721.32
1725.18
1724.78
1726.52
1728.25

 Woodie's
-
1705.75
1713.60
1724.65
1732.50
1743.55
-

 DeMark's
-
-
1729.38
1723.09
1710.48
-
-