By FXEmpire.com
The gold markets rose slightly during the session on Friday as the markets have taken the Federal Reserve Chairman’s comments this past week to suggest that quantitative easing is still a distinct possibility. This of course will have a positive effect on the metal, but the other factor that could be coming into play is the uncertainty in so many places at the same time.
Either way, the market is currently pressing against a downtrend line that has been keeping this market down. If we can close above it on the Monday session – we expect to see a run to the $1,700 level. We aren’t selling at this point as the market has been so heavily supported around the $1,620 to $1,640 area.
Click here a current Gold Chart.
Originally posted here
