By FX Empire.com
gold markets had a bearish week over the last 5 sessions as traders continue to sell off winning trades to pay for losing ones. The margin calls have been frequent in the markets, and the winners have to be liquidated in order to pay for those. The market is decidedly bullish overall, but it looks like this market has to rest at these lower levels before picking up steam again. The Euro is highly distrusted, and as a result the Dollar is gaining rapidly which can have an effect on this market at times as well. However, with all of this mistrust, it is only a matter of time before the buyers step back in. There is massive support down to the $1,600 level in our eyes, and as a result we think buying this market is still the way to go, especially on dips.
gold Forecast for the Week of Nov. 28th, 2011, Technical Analysis
Originally posted here
