Gold Futures Prices October 24, 2012, Technical Analysis

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The gold markets initially rallied during the Tuesday session, but found the area above $1720 as overly resistive. Because of this, the market fell and formed a rather ugly looking candle. This candle does look a bit like a shooting star, and is presently sitting just above the 1700 level.

Let’s not mince words here; we are very bullish of gold for the long term. Every time we see this market fall like this, we simply look for areas in which to start buying again. $1700 should be a rather significant support level, and as long as it can hold we think that buying a small amount in this general vicinity is appropriate. However, if it gives way we could see a test of the $1650 level and as a result, we would buy even more there. We do however; want to wait until we see a supportive candle such as a hammer or engulfing green one.


Gold Futures Prices October 24, 2012, Technical Analysis

Gold Futures Prices October 24, 2012, Technical Analysis

Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
We value your privacy. Your e-mail address will not be shared.
About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

  View all of FX Empire Analyst - Christopher Lewis's Articles    
Share Your Thoughts: Post a Comment

Your email address will not be published.