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The gold markets rose during the session as we have found $1750 to be supportive. Nonetheless, this market is overextended by any stretch of imagination and we are hoping to see some type of pullback in the near-term so that we can continue to buy gold.
Looking forward, we think the gold market is bullish as long as we stay above the $1640 level. We see plenty of support at the $1740 level, and at roughly the $1700 level as well. If we managed to break above the $1750 level, it would look like resistance has crumbled yet again and we are going higher. Nonetheless, we do prefer buying gold on dips overall as we think eventually gold will hit and least $2000 an ounce.