By FXEmpire.com
The gold markets fell hard for the week, and the $1,500 level looks as if it is being approached. The level represents to us the “line in the sand” as far as buying and selling is concerned, and because we are coming so close to it, we are ready to make a serious move – given the right signal. The gold markets are probably going to be very reactive to the problems in Europe and beyond. The debt crisis and the concerns over Chinese growth continue will continue to drive people into the Dollar, and this could move the gold markets back and forth. If we get a daily close sub-$1,500 we are ready to start shorting this market. However, if we get a bounce, we could go long above $1,640 or so.
Click here for updated Gold News.
Originally posted here
