By FXEmpire.com
The gold markets fell this past week, but have managed to find a long-term uptrend line. The $1,600 level is just below, so we suspect that support should be coming into the markets somewhere near this area. The action on Thursday was decent, but not overly convincing. (The markets weren’t open on Friday.) Because of this, we are cautiously optimistic, but will play it careful and wait until the $1,700 level gets broken to the upside. However, there is also the possibility of seeing support confirmed by a hammer on the trend line – which is good enough to get us long. Selling isn’t possible until we break below the $1,500 level.
Gold Forecast for the Week of April 9, 2012, Technical Analysis
Originally posted here
