Gold Forecast January 11th, 2012, Technical Analysis

Gold markets rose during the session on Tuesday as the “risk on” rally continued. The $1,650 level above is the resistance area that it is struggling with at the moment, and the Tuesday markets stopped just below. Because of this we are encouraged as gold bulls, but we need to see a daily close above that area in order to start adding to any longs. We also see the $1,550 level as support, and could see consolidation going forward. We are buying dips, and a breakout above the $1,650 level.

Gold Forecast January 11th, 2012, Technical Analysis
Gold Forecast January 11th, 2012, Technical Analysis

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