Gold Technical Analysis for the Week of October 24, 2011
The gold markets fell during the previous week, but still remain above the all-important $1,600 level as it continues to prove to be very supportive. The market has been positive and bullish for 10 years or so now. The “buy on the dips” strategy has worked since 2001, and we
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The gold markets fell during the previous week, but still remain above the all-important $1,600 level as it continues to prove to be very supportive. The market has been positive and bullish for 10 years or so now. The “buy on the dips” strategy has worked since 2001, and we expect that it will continue to. However, we want to see how the market reacts to meeting in the EU over the weekend before buying more positions. If $1,600 gives way, we see support all the way down to $1,550.
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