By FX Empire.com
Gold markets fell hard during the session on Friday as the Non-Farm Payroll numbers came out in a strong manner during the session. The gold markets perhaps have reacted to the number as selling of the “safety” trade part of the equation. The $1,750 level gave way, and the fact that the market was closing towards the bottom of the range suggests we are going to fall further.
At the same time, we have a downtrend line in which to look to for support. We also have the $1,700 level at the same area, and this level should be supportive. The issues in Europe haven’t gone away, and as the markets celebrate today, surely it is only a matter of time before a negative headline gets the market going again. We are buying supportive action close to the $1,700 level.
Gold Forecast February 6, 2012, Technical Analysis
Originally posted here
