Gold Forecast Nov. 11th, 2011, Technical Analysis

The gold markets fell on Thursday as the market continued to pull back from the $1,800 level. The market did in fact find support at $1,750 – and formed a hammer in the process. The area looks supportive, and to think that the EU is suddenly going to pull it all together to calm markets is probably a stretch at best. With this in mind, the gold markets should continue to see strength overall, and we think that breaking the highs from the Thursday is a good sign that the trend will continue to the upside. We see a few support levels underneath, and as a result will not sell.

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