Gold markets rose slightly on Monday as the value investor stepped into the markets after massive losses over the previous week. The $1,550 level has
Gold markets rose slightly on Monday as the value investor stepped into the markets after massive losses over the previous week. The $1,550 level has acted as support, and is the center of the entirety of the support zone we have marked from $1,500 to $1,600. The area should be very supportive, and with this long-term uptrend still intact, the market is most likely to bounce from this point. Because of this, we want to buy for a bounce. The real move probably won’t happen until 2012, so we will be quick to move stop losses up to break even if we are profitable. A break below the $1,500 level would be very bearish.
Gold Forecast December 20, 2011, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
