The gold markets rallied a bit during the trading session on Thursday, but then found the area above the $1580 level to be a bit too resistive. The area between there and the $1600 level should continue to cause some issues, so I would not be surprised at all to see a short-term pullback. The pullback should offer value, especially if we get closer to the $1550 level. The 50 day EMA is starting to race towards that area as well, so it’s only a matter of time before the buyers would jump back in and push higher. A move below their opens up the door down to the $1500 level but right now I do not anticipate seeing that. ... (full story)