Gold markets fell during the session on Tuesday as traders continued to sell off their winnings for the year in order to balance books. The fall in the overall markets has been forcing traders to liquidate gains in order to cover losses lately, and this has hit the gold markets. The Street is still very bullish of gold, and 2012 should continue to see a rise in the market.
The candle for the session formed a hammer just above recent support at the $1,700 level, and this shows just how strong the area below is going to be for the bulls. Because of this, we like buying on a break above the highs for Tuesday. We do not sell gold as it has been in a ten year bull market.
Gold Forecast Dec. 7th, 2011, Technical Analysis
Originally posted here
