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The gold markets fell rather significantly during the Wednesday session as the market is trying to test the $1700 level for support. This begins an area that we figure will cause quite a bit of support in this market, and as a matter fact could very well be an invitation to start buying gold yet again. Obviously, we need to see some type of supportive candle or price action in this general vicinity, but we see a significant amount of support all the way down to the $1650 level.
Because of this, we are looking for hammers, and golfing green candles, and general bullish activity in order to start buying gold yet again. We like physical gold, we also hold the ETF known as GLD, which of course holds physical gold in a non-leveraged and easily traded way. With this in mind, we are very bullish of gold and look at these types of pullbacks is simply a reason to buy gold “on sale.”