Gold markets rose a bit on Thursday, but had a rather quiet day in general. The market needed a rest, and it appears that it is finally getting it. The gold trade is still to the upside at the moment, but each passing day has us questioning it for the short term. The bottom of the massive hammer on Monday simply must hold if we are to see a continued move up again. The bottom of it is roughly at $1,520 or so, and the $1,500 level should be considered as massive support. If it gives way, this market will fall quite a bit. Yesterday we said that you may want to wait until early next week, and we still feel the same way when it comes to this market.
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