By FXEmpire.com
The gold markets rose during the session on Friday as the choppiness continues. The $1,500 level below is a “last stand” for the bulls, and there is a good chance that several funds are finding their way into the markets as we approach this area.
The $1,600 level looks as if it is working against the bulls though, and as such we essentially have a consolidation area between $1,540 and $1,600 above. The market can be played as a tight scalper’s market in this $60 zone. We would be aggressively long on a daily close above the $1,600 mark, and just as aggressive on a daily close below the $1,500 level.
Gold Prices May 28, 2012, Technical Analysis
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Originally posted here
