Monday, January 16, 2012

Gold Pops Through $1650 on Asian Open

Live 24 hours gold chart [Kitco Inc.]After a brief capping attempt, gold has popped through $1650 tonight on the Tuesday Asian market open, with a last of $1656.  Look for $1650 to turn into support.  Last week Jim Sinclair and Alf Fields both stated that the gold correction is over, and the next major move higher has begun.  Getting back above $1650 is a good first step- the critical point will be $1700, where we can expect a significant battle from the cartel.

Live 24 hours gold chart [Kitco Inc.]