Gold Prices August 17, 2012, Technical Analysis

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Gold markets had a positive session during the Thursday trading day, only to fall just short of the buffer zone of resistance above. However, we are starting to see a continuation of the “higher lows” pattern that we have had recently. This is looking more and more like an ascending triangle, and as such we see a breakout above the $1640 level as being massive in its implications.

Needless to say, we are more than willing to buy gold on a breakout above that on the daily chart. As for selling the yellow metal, we see actually no point when it until we get below the $1500 mark. We are ready to trade quite yet, but it should be said that the time is coming.

 

Gold Prices August 17, 2012, Technical Analysis

Gold Prices August 17, 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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