The gold markets accelerated the uptrend this past week as traders are becoming more and more nervous about the European debt issues. The market is without a doubt overextended at these levels, and a pullback is more than overdue. We feel that the $1,700 level should act as support, and would welcome a drop to that level. We cannot sell this contract even though we see the pullback coming, as the trend is far too strong to the upside. We are being patient, and letting price come to us in order to buy.
Originally posted here
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