By FX Empire.com
The gold markets had another fairly quiet week as the traders took a bit of a break. The recent action has been a grinding just above the former downtrend line, and this suggests that perhaps the market is trying to build a bit of a base up before the next leg higher. The next move will be sharp, as is normally the case after this kind of tightening. The braking of the $1,750 level on a daily or weekly close can both be used to buy this market. Selling isn’t a thought until we hit sub-$1,500 levels.
Gold Forecast for the Week of February 20, 2012, Technical Analysis
Originally posted here
