By FX Empire.com
Gold markets have been on a roll lately, and Friday was no exception. The market finds itself being bid up in response to a weaker Dollar, and as the Fed has decided that the low interest rates should continue until at least the end of 2014, it looks as if the Dollar could very well enter a new phase of weakness now.
This is always good for the gold market, and as a result you see sustained buying. The recent breaking above the downtrend line is also a strong indication, and as a result – we are buying pullbacks in this market as it looks likely to continue much, much higher at this point. Selling isn’t even a thought at the moment. $1,700 should be the first line of support from which we could see renewed buying.
Gold Forecast January 30, 2012, Technical Analysis
Originally posted here
