By FX Empire.com
The gold markets fell for much of the week as the Dollar gained in general. The “risk off” trade was in vogue for much of the week, and the gold markets paid for it. However, as the end of the week approached, we saw a nice bounce in this market to form a hammer. The hammer is above the $1,650 level, and it makes that area look very supportive.
We like the overall market for gold, and continue to buy on the dips and signs of support. This candle is a great one, and we think that a break of the top of the week’s range looks very persuasive. The buying of gold is the only direction we will trade in, and once the top of the range gives way – we are long.
Gold Forecast for the Week of March 12, 2012, Technical Analysis
Originally posted here
