Gold extended its already impressive run north today, as trader flooded the market with buy orders. However, if you are not in the market at this time, the only prudent action you can take is to wait for a pullback as buying at these levels is simply chasing the trade. Look to see a pullback to perhaps $1,500 which should be very supportive. You should note however, that it might take a while for gold to fall back down there.
Originally posted here
www.CommoditiesMansion.com is a part of the Finance Mansion Network which operates global financial websites. Our goal is to provide our readers with the most accurate, quality and up-to-date technical analysis, fundamental analysis and news in order to assist them in making the right financial decisions.