The gold markets fell slightly during the session on Wednesday, dipping below the $1240 level. However, towards the end of the day we saw a little bit of a bounce, and that of course formed the hammer that you’re looking at. This market looks like its well supported below, so on a break of the top of that hammer we believe that the market will attempt to break out above the $1260 level, and then possibly go higher. Above that level, things get interesting as the buyers will certainly have started to take control market.
Gold Prices January 16, 2014, Technical Analysis
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