Gold Forecast Nov. 17th, 2011, Technical Analysis

By FX Empire.com

Gold markets fell slightly on Wednesday as traders continue to mull the various issues coming out of the EU. The gold markets are decidedly in an uptrend at the moment, and have been for over 10 years. Because of this, buying is the way to go in this market, and we think that pullbacks are simple invitations to buy more at this point. The $1,750 level should be supportive in the market, and we will continue to buy dips until that area, and perhaps even the $1,700 level gets broken to the downside. $1,800 could be somewhat resistive, but should only be so in a temporary and minor way.