Gold Prices July 5, 2013, Technical Analysis

The gold markets fell slightly during the session on Thursday, as the Americans were away celebrating their Independence Day. That being the case, we still look of the market as hovering around the $1250 level, and as a result we need to see this market go higher and perhaps even close above $1300 in order to get bullish at this point. If we get above that level, we think that the $1350 level should be the next target. Long-term, we believe in the validity of a gold rally, but right now far too many things are working against the value of gold, and as a result we believe that we will bang around this general vicinity in order to build some type of base. If we do not, we feel very strongly that a massive amount of support is down at the $1000 level.