Gold Prices November 1, 2012, Technical Analysis

The gold markets rose during the session on Wednesday as the volume pick back up in the United States. Now that the traders are back from the hurricane, we will begin to see more volume creep into this market. $1700 has held as support, and the move that we solve on Wednesday would have triggered buying orders from the hammer that was formed late last week.

It is no secret that we are very bullish of gold, and as such we have no selling scenarios. With that being said, we are long of the GLD ETF, as well as some physical gold. We also buy futures contracts when the ability to supercharge are returns present itself. We believe that a move above $1720 would be one of the signals.