By FXEmpire.com
The gold markets ended the previous five sessions on a relatively strong note by the end of the day, but it should be said that we are still just barely hogging above the $1600 level. We are still in the very tight range that we’ve been in over the last couple of months, and as such even though the day to day trading is exciting in the gold pits, we see no long-term opportunity just yet.
We need to see the $1650 level get taken out to the upside in order for us to get excited about going long. We do think that the $1500 level is going to be massive support, and as such we are necessarily looking to sell, but would rather see the breakout, so we can go long and aim for the $1800 level. In the meantime, we just simply don’t see any long-term trades.
Click here to read Gold Technical Analysis.
Originally posted here
