Gold News for the week of July 22, 2013

Gold markets did very little during the previous five sessions, and worn portly we find ourselves still struggling to get above the $1300 level. A move above their though opens the door for a $50 gained, something that the longer-term trader may not appreciate, but it certainly is a significant gain on the futures contract. In order to get a long-term bullish, we need to take out the $1400 level, and at that point time we would more likely head to the $1600 level and then the $1800 level. Going forward, we recognize of the $1200 area should be a significant amount of support, but the ultimate support is down at 1000.