Gold Technical Analysis for the Week of October 31, 2011

The gold markets had a strong upward over the last few days. The issues in Europe are finally being addressed, and the Fed has hinted that QE3 isn’t necessarily off the table at this point. Status Quo – gold goes up, Euro goes up, and Fed kills the USD. However, there are serious questions in the EU about CDS and other such issues. Because of this, we think that gold could also get a “safe haven” play out of the market as well. Either way – gold should go up. We have found the market stalling at $1,750 at the end of the week, so a pullback could be coming. This should give you a better buying opportunity if you are willing to wait for the pullback.