Gold Price for the Week of June 4, 2012, Technical Analysis

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The gold markets rose rapidly on Friday in order to break out of the previous range that we have defined between the $1,600 level and the $1,500 mark. The previous two weeks formed hammers, and this of course always looked supportive. As this market has broken out and above the highs from those two hammers, we see a buy signal at this point. The $1,650 level should provide some kind of resistance. The current chart looks as if the $1,800 level is massive resistance, and we think that there is potential for a move up to that level, but there will be massive choppiness on the way. Any reiteration of the Fed not easing by Bernanke would send this market plunging, and this is by far the biggest danger for the bulls at this point. 

Gold Price for the Week of June 4, 2012, Technical Analysis

Gold Price for the Week of June 4, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com 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.

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