Gold markets rose over the course of the week as the volume increased from holidays finally coming to an end. The market has suffered a massive sell off lately, but much of that can be attributed to end of the year profit taking. The $1,550 level has held as support and the $1,650 level now keeps pressure on the downside. However, as long as we are above the $1,500 level, we see no real reason to sell this market. In fact, we are currently buying on dips as the first several session of the year have seen a nice pop in the price of this commodity. The pair might grind – but it should go higher.
Gold Forecast for the Week of January 9th, 2012, Technical Analysis
Originally posted here
