By FXEmpire.com
Gold prices rose during the previous week as the central banks around the world look ready to start easing again. However, we are sitting just under a fairly significant resistance level at the $1640 area, and as such we are waiting to buy this market. We do only like the buy side of it as we feel the $1500 level is going to be massive support, and as such we already know the direction we want to go – long, but need are signal to do so. We think that once the $1640 level gets cleared, this market could easily run to the $1700 level, and perhaps even as high as the $1800 level by the end of the year.
In order to start selling this market, we would need to see the $1500 level give way to the selling pressure. This is something that we do not anticipate seeing anytime soon.
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Originally posted here
