Gold markets rose on Thursday as the push to buy this market continues. The bulls have decidedly taken control recently, and the move north has been impressive.
However, the candle formed at the end of the session does have us doubtful going into the Friday session. The shooting star is right at the $1,650 resistance session, and it appears that the break above that level was false. Of course, the signal isn’t in effect until we break one end of this candle or another and a break below the bottom of the range in the session would have this market more likely would be a continuation of the consolidation between $1,650 and $1,550. A break above the $1,650 level on a daily close has the market running much higher.
Because of the preceding facts, we are waiting to see how Friday closes out before adding to our position or any other decision. If we fall, we will be looking to buy on signs of support down to the $1,550 level. On a break above – we will be buying on Monday.
Gold Forecast January 13th, 2012, Technical Analysis
Originally posted here
