Gold Forecast January 5th, 2012, Technical Analysis

Gold rose again for the session on Wednesday as traders bought the metal based upon the idea that the changing of the year allows the entire end of year profit taking to be done. The $1,550 level has held as nice support, and the daily candle formed was a hammer. The shooting star from a little over a week ago should be resistive though, and as this point we would need to see a daily close above the $1,650 level in order to buy more. We are ready to buy on short-term dips though as the uptrend seems to be intact at this point. Selling isn’t even a thought until a close below the $1,500 level.

Gold Forecast January 5th, 2012, Technical Analysis
Gold Forecast January 5th, 2012, Technical Analysis

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