By FX Empire.com
The gold markets had a rough week as the risk off trade came back into focus. A lot of margin clerks were undoubtedly busy this week, and funds more than likely had to sell off winning positions to cover massive losses in other markets. The gold trade has been very profitable, and the funds will sell their winning positions in times like this. However, the market will be bid up again, and should see massive support at the $1,700 level. The trend has been up for over 10 years, and there is no real evidence that it is going to change anytime soon. With this in mind, we like buying at the $1,700 support zone on supportive candles. If the market falls further, we will look for other support zones to buy it. We don’t sell under any circumstances because of the overall strength of this market.
Originally posted here
