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The gold market had a fairly neutral session as the market closed essentially flat at the end of the Thursday trading day. The $1656 level is where we ended, which is essentially midway between them lows and highs of the very tight session. We still see the $1640 level as potential support as it was once the resistance that kept an ascending triangle from breaking out.
We believe that we still have a little ways to go to the downside, but are more than willing to buy supportive candles in this general vicinity. We don't think that gold is able to be sold until we break down below the $1500 level. Because of this, we are essentially in a "buy only" mode. We will continue to buy on dips as we raced towards the $1800 level over the long run.