Gold markets shot straight up during the Tuesday session as the “risk on” trade came back for the first full trading day of the year. The market had been sold off far too much lately, and the $1,500 level looks like it has held for the bulls in this market. The bounce that has happened over the last couple of days was long overdue, and confirms the bullish underlying sentiment going forward. The $1,700 level above should be resistive, but it is against the overall trend so we think it gives way sooner or later. At this point in time, we are happy to buy gold on dips as long as we stay above the $1,500 level.
Gold Forecast January 4th, 2012, Technical Analysis
Originally posted here
