Gold markets fell on Thursday as the sell off continued. However, by the end of the session there was a considerable bounce as the riskier assets all rebounded across the board. The gold sell off has been brutal, but the daily candle that is forming for the Thursday session is in our $1,500 to $1,600 range of support. The market looks like it is ready to make a stand at this point, and we would be interested in buying on a break above the range for the Thursday session, understanding that the move up could take a while. The trend is still up, and as long as we are above the $1,500 level, we are more comfortable owning gold than selling it.
Gold Forecast December 30, 2011, Technical Analysis
Originally posted here
